
Canada’s household debt is now highest in the G7
Household debt in Canada is now the highest of any G7 country, according to data by the country’s housing agency. The amount owed by Canadian households is also higher than the country’s entire GDP. The Canada Mortgage and Housing Corporation said high home prices are to blame for the ballooning debt. Household debt in the US and the UK, by comparison, has shrunk in the last 10 years. In a report released on Tuesday, Canada’s housing agency has warned that Canadians would not be able to weather a recession because of the high amount of debt they owe. “Unfortunately, Canada’s … Continue reading Canada’s household debt is now highest in the G7