In the first quarter of this year, the demand for borrowing from households in Canada was down, on the other hand, mortgages accounted for a much bigger share.
Based on what Statistics Canada said concerning the seasonally correction basis, an amount of $27.5 billion was borrowed from households in the first quarter of 2017. This was less than the $27.6 billion that was borrowed from households in the quarter before.
From the quarter before, the figure for mortgage debt was $2.7 billion more than that of the previous quarter, to $20.9 billion, whereas, those who were borrowing in the means of consumer credit and non-mortgage loans had gone down from $2.8 billion to $6.5 billion.
The previous quarter was much more compared to the debt-to-income ratio which was a bit less than the former quarter which was at $1.67 of debt for each dollar made from household’s income, year-over-year however went up from its $1.64.