According to a recent report by TD Economics, in 2012, the average Canadian household debt posted its smallest growth rate since 2003. This slowdown in debt level was observed in all provinces with the exception of Alberta. In Québec, household debt increased by 2.5 per cent, a much smaller increase than those registered in recent years. In contrast, households in Ontario and British Columbia, which are among the most indebted in the country, reduced their average debt in 2012.
The financial institution also noted a significant increase in average debt among households in the 65+ age group in Canada, more specifically in Québec, Ontario and Alberta. Even if this age group has the lowest average debt (in all provinces), the strong growth in their debt level raises questions about the impact of increased debt on their standard of living upon retirement. Click here to read the report.