Pursuits
Canada's Record Household Debt Is Threatening Its Financial Stability
- Nation of 36 million owes $4.4 trillion, triple economy’s size
- Households alone carry highest debt burden in Group of Seven
Vancouver, British Columbia, Canada.
Photographer: Darryl Dyck/BloombergThis article is for subscribers only.
Canada’s debt, swelled by a decade-long housing boom to almost triple the size of its economy, is drawing increasing concern from an international banking community that says it threatens growth and financial stability.
The combined debt of Canadian governments, companies and households reached $4.4 trillion in the first quarter, or 288 percent of gross domestic product, exceeding the same gauge for the U.S., the U.K. and Italy, according to the Bank for International Settlements.