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According to a report on The Globe and Mail, outstanding debt on Canadian residential mortgages has exceeded an unprecedented $1 trillion.The figure has jumped by 7.6% as compared to last year, while over the last decade and a half, it has almost tripled.
Just one quarter ago, Canadians had $1.36-trillion in debt, bumping up their debt by 4.5% from the third quarter of 2013.
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Canadians’ collective household debt has climbed to $1.8 trillion as an international financial group sounds an early warning that the country’s banking system is at risk from rising debt levels. equifax canada said in a new report Monday Canadian consumers now owe $1.821 trillion including.