Canada has the highest level of household debt to disposable income of any G7 country, Statistics Canada reported Wednesday.
The agency wrote that its 2021 census survey revealed debt-to-income ratio reached more than 180 per cent, beating the United States and Germany by a large margin. Both of those countries posted rates of 100 per cent.
That means that, for every dollar Canadian households had in disposable income, they owed about $1.85.
For contrast, in 1980, the rate was just 66 per cent.
The agency attributed Canadians’ high levels of debts to homeownership, describing housing as a “double-edged sword” – a significant contributor to the overall wealth of the middle class while resulting in “imbalances between assets and debt.”
Canadians in the middle to low income quintiles were generally spending more than they were saving through 2023. There was also a strong correlation between the saving capabilities of homeowners versus renters. Owners with mortgages were saving more than they were spending, while renters were not.
“For an average household, real estate represents about 55 per cent of their wealth and mortgages represent most of their debt—trends even more pronounced for middle-class or working-age families,” wrote the agency.
It also says Canadians over 55 held 65 per cent of total wealth in Canada, suggesting “major risks for intergenerational mobility” in decades to come.
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office with the election just four months away. It was a late-season campaign thunderstrike unlike any in American history.
Prime Minister Justin Trudeau responded to the news that U.S. President Joe Biden won’t run for re-election Sunday, calling Biden a 'true friend.'
With U.S. President Joe Biden ending his re-election bid and endorsing Vice-President Kamala Harris, Democrats now must navigate a shift that is unprecedented this late in an election year.
U.S. President Joe Biden ended his re-election campaign on Sunday after fellow Democrats lost faith in his mental acuity and ability to beat Donald Trump. He announced his decision in a letter posted on social media. Read the full text.
Kamala Harris could become the first Black woman to head a major U.S. party presidential ticket after U.S. President Joe Biden abruptly ended his re-election bid and endorsed her.
NEW YORK (AP) — Officials on Sunday released the name of a pilot who died in a skydiving flight after her passengers jumped from the aircraft near the Niagara Falls.
The union representing 10,000 workers at the Liquor Control Board of Ontario (LCBO) has ratified a tentative agreement, which will officially end its two-week strike at 12:01 a.m. Monday.
There was a powerful word being repeated in the joyful Newfoundland community of New-Wes-Valley on Sunday: 'Miracle.'
A Florida woman’s brutal killing nearly 25 years ago may finally be solved after authorities arrested the suspect this week, according to the Sanford Police Department.
Investigators were at Vancouver’s Sunset Beach after a woman’s body was found in the water Sunday morning, according to authorities.
Two of the three men who went missing while on a challenging climb near Squamish, B.C., nearly two months ago have been identified online, with friends and families launching a fundraiser for the local search and rescue team.
Several lightning-triggered wildfires have forced authorities in British Columbia to issue evacuation orders as the province's southern and eastern regions swelter in a heat wave.
The union representing 10,000 workers at the Liquor Control Board of Ontario (LCBO) has ratified a tentative agreement, which will officially end its two-week strike at 12:01 a.m. Monday.
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office with the election just four months away. It was a late-season campaign thunderstrike unlike any in American history.
Two people have died following a double stabbing in North York on Sunday afternoon, say police.
One more wire snap was discovered by the city this weekend, but that’s no reason to believe anything is wrong, Calgary’s water services director Nancy McKay said Sunday.
An investigation is underway into a suspicious death that took place early Saturday evening in northeast community of Vista Heights.
The city's Muslim community got an update about the construction of a major Islamic Centre now under construction in the south part of the city this weekend.
An Ottawa man says he’s been waiting nearly a year for his car to be repaired after it was damaged during a storm in August.
Retailers and small businesses in the Byward Market are sounding the alarm over public safety and revitalization issues that they say the City of Ottawa is not effectively addressing.
As a love for soccer grows in Ottawa and across the country, a young player is now getting a chance to prove himself in Dubai with a professional club with the help of a local soccer league.
The news that U.S. President Joe Biden would step down from seeking a second term in office was emotional for Democrats both within the US and outside its borders, and Democrats Abroad Canada chair Erin Kotecki Vest said it was a relief to end the will he-won't he saga.
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office with the election just four months away. It was a late-season campaign thunderstrike unlike any in American history.
During National Drowning Prevention Week, Quebec's Lifesaving Society wants to remind Quebecers that cooling off in a body of water during the hot summer days can be deadly.
One of the teenaged victims of a Thursday night stabbing in St. Albert has died.
The province is asking Albertans to stay vigilant as hot, dry weather drives fire behaviour.
There is a "crisis situation" developing in child intervention services in Alberta that could put children at risk, and workers say it’s being created by a government hiring practice.
Three people are dead and three others are injured after a fatal crash on Highway 19 in Mabou, N.S., early Saturday morning.
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office with the election just four months away. It was a late-season campaign thunderstrike unlike any in American history.
One person has died after a car left the road on Highway 217 in Centreville, N.S.
Dozens of people filled the stands at the Ralph Cantafio Soccer Complex Saturday to mourn the loss of a player who was killed at the south Winnipeg facility one week earlier.
A Winnipeg man is facing impaired driving charges after trying to get a work truck out of a ditch in Atikokan, Ont.
A group of animal rights activists took a stand at the Manitoba Stampede & Exhibition, calling for a ban on all rodeos in the province.
The Junior Development Diving Nationals wrapped up on Sunday in Regina and the competition made quite a splash.
Almost 200 public libraries in rural Saskatchewan will be receiving internet speed upgrades in a joint effort between SaskTel and the Ministry of Education.
If you are thinking of purchasing a new home, you may be shocked by the number of available houses on the market.
Waterloo Regional Police are looking for a missing 15-year-old from Kitchener.
Ornge air ambulance has taken one person to hospital after a two-vehicle collision in Waterford.
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office with the election just four months away. It was a late-season campaign thunderstrike unlike any in American history.
Saskatoon residents woke up Sunday morning to thick smoke and limited visibility caused by wildfires raging across Saskatchewan.
RCMP and Saskatoon police are asking for the public's help in finding the third suspect in Melissa Duquette's homicide.
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office with the election just four months away. It was a late-season campaign thunderstrike unlike any in American history.
Provincial police are investigating a single-vehicle crash in which three people died on Saturday night.
With U.S. President Joe Biden ending his re-election bid and endorsing Vice-President Kamala Harris, Democrats now must navigate a shift that is unprecedented this late in an election year.
A 60-year-old has died following a motorcycle crash Thursday at the intersection of Highway 17 and Second Avenue in the Greater Sudbury community of Coniston on Thursday.
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office with the election just four months away. It was a late-season campaign thunderstrike unlike any in American history.
A trail of blood could be seen leading from a parking lot where it’s believed the shooting took place.
The 2024 Pride London Festival wrapped up on Sunday, with the highlight the three-day event being the annual parade.
York Regional Police are investigating a serious crash in Georgina on Sunday.
The Lifesaving Society has designated the third week of July as National Drowning Prevention Week.
The Muskoka community kicked off Pride celebrations on Friday, ahead of its Pride Week.
U.S. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for re-election after a disastrous debate with Donald Trump that raised doubts about the incumbent's fitness for office with the election just four months away. It was a late-season campaign thunderstrike unlike any in American history.
A University of Windsor student is concerned for his family’s safety in Bangladesh amid escalating clashes between the government and students over a contentious job quota system in the country.
An evaluation of Windsor's Homelessness and Housing Help Hub recommends H4 enhance access to mental health services, implement supportive housing programs and consider a name change to reduce the stigma associated with its offerings.
The University of Victoria in British Columbia says it has begun the process of removing the pro-Palestinian encampment on campus, telling protesters they are trespassing on school property
Daily high temperature records were broken in more than a dozen B.C. communities Saturday, as hot and dry weather continues to cause a surge in wildfire activity.
Tributes are pouring in online for the two men who died in a plane crash in Tofino, B.C. earlier this week.
Two people are dead after a serious crash that shut down Highway 1 near Sorrento, B.C. Saturday morning.
The number of wildfires in British Columbia has flared as more lightning storms bring the potential for further fire starts.
Standing on the edge of an open aircraft hatch, a smokejumper in a pale yellow suit steadies himself before rocking back then swinging out the door and vanishing as gravity takes over.
Most people will do everything they can to stay inside or find some shade during this heat wave but for some that just isn't an option.
Chris Carbert brought guns and body armour to the Coutts blockade, but says there was no plan for violence unless he had to perhaps flee to the mountains and fend off someone trying to give him a COVID-19 vaccine shot.
Lethbridge police are warning the public over what they're calling a "bait-and-switch tactic" being used by scammers who are posting on social media about phony alerts about missing children, seniors and pets.
A 52-year-old man has been charged after a security guard in Sault Ste. Marie was attacked by a shoplifting suspect last week.
Conservative Leader Pierre Poilievre is visiting northern Ontario next week with a stop in Kirkland Lake on Wednesday.
As part of National Drowning Prevention Week, police reminding people to be safe while in and around water and to remember their lifejackets.
There was a powerful word being repeated in the joyful Newfoundland community of New-Wes-Valley on Sunday: 'Miracle.'
Newfoundland and Labrador Premier Andrew Furey called it a 'good news day' as he announced some Labrador City residents will be allowed to return home after a wildfire forced an evacuation last week.
Mounties in Newfoundland say a 71-year-old man is facing charges today related to his alleged involvement in a collision that killed two women in January.
A swarm of bees living in a lamppost in Winnipeg’s Sage Creek neighbourhood has found a new home for its hive.
Around 100 acres of Manitoba Crown Land near the Saskatchewan border is being returned to the Métis community.
Nova Scotia is suspending the licensed Cape Breton moose hunt for three years due to what the province is calling a “significant drop” in the population.
Canadian pet owners visiting the United States will soon have to follow new rules, including requiring their dogs be microchipped.
A well-known childhood prank known as 'nicky nicky nine doors,' or 'ding dong ditch,' has escalated into a more serious game that could lead to charges for some Surrey, B.C. teens.
It's been more than a month since their good friend was seriously hurt in an accident and two teens from Riverview, N.B., are still having a hard time dealing with it.
Halifax bridges have collected thousands of coins from around the world.
A donated clawfoot bathtub has become the preferred lounging spot for a pair of B.C. grizzly bears, who have been taking turns relaxing and reclining in it – with minimal sibling squabbling – for the past year.
A pair of cemetery investigators are cleaning and preserving as many gravestones they have permission to work on, as they conduct their research and document gravestones.
Prime Minister Justin Trudeau responded to the news that U.S. President Joe Biden won’t run for re-election Sunday, calling Biden a 'true friend.'
Prime Minister Justin Trudeau will head to British Columbia on Sunday, where he will be on vacation with his family until Aug. 1.
The most striking thing about walking the floor of the Republican National Convention (RNC) is seeing just how much this is Donald Trump's party, CTV News' Vassy Kapelos says.
A brand of baby cereal is being pulled from all in-store and online retailers in Canada due to possible Cronobacter contamination.
It's been a hot, humid and wet summer so far in Ottawa, making it the perfect breeding ground for mosquitoes and elevating the risk of West Nile virus.
Health Canada issued recalls for various items this week, including steam cleaners, hedgehog pet food, kids' bike helmets and multivitamins.
Businesses from airlines to hospitals have been grappling with a faulty software update that caused technological havoc worldwide on Friday, and its repercussions continued through the weekend.
The first gene-edited pig organs ever transplanted into people came from animals born on this special research farm in the Blue Ridge mountains..
July's full moon will shine bright in the sky this weekend — and lands near the anniversary of a special lunar event worth celebrating.
Taylor Swift fans know all too well the costs that come with travelling to see the singer live on her Eras Tour.
Moviegoers ran toward the tornadoes this weekend, propelling 'Twisters' to a blockbuster opening. The standalone sequel to the 1996 hit made US$80.5 million in ticket sales from 4,151 theaters in North America, according to studio estimates Sunday.
Backlogs and processing delays of temporary U.S. visas required by entertainers, athletes and artists has forced some Canadian bands to cancel U.S. tour dates because paperwork wasn't processed in time.
The term 'coffee badging' has gained some new significance this week with multiple outlets reporting Amazon is allegedly taking measures to counter the workplace trend it refers to.
Amid the cost-of-living crisis, many Canadians are looking to find ways to save money, such as downsizing their home. But one Ottawa broker says there are several signs to consider before making the big decision.
Canada’s airports, hospitals and police services are still returning to normal operations a day after a defective update to computers using Microsoft Windows caused a global technology outage.
Barcelona will raise the tourist tax for cruise passengers visiting the city for less than 12 hours, the mayor said in an interview published on Sunday.
Researchers surveyed about 300 people about their experiences being raised with or without humour and their views on their childhood, according to a study published Wednesday in the journal PLOS One.
Amid the cost-of-living crisis, many Canadians are looking to find ways to save money, such as downsizing their home. But one Ottawa broker says there are several signs to consider before making the big decision.
Ottawa-born professional cyclist Derek Gee finished an impressive ninth overall and sixth place in the final stage of the Tour de France on Sunday.
Canada's national men's basketball team wrapped up pre-Olympic play with a 103-93 exhibition win over Puerto Rico on Sunday.
The Vancouver Whitecaps demonstrated how good they can be, but also showed they still need to be better in a 4-3 loss to the Houston Dynamo in a Major League Soccer match Saturday night that snapped their six-game unbeaten streak.
An Ottawa man says he’s been waiting nearly a year for his car to be repaired after it was damaged during a storm in August.
Stellantis is warning the owners of more than 2,900 hybrid minivans in Canada to stop charging their vehicles and park them outdoors, away from buildings and other cars, due to the risk of battery fires.
Ford Motor Co. says it plans to assemble its F-Series Super Duty pickup trucks at its Oakville, Ont., assembly plant starting in 2026, adding capacity of up to 100,000 additional units.
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