Stats Canada says third-quarter household credit market debt climbed to a record 171.1 per cent in proportion to household disposable income.
As people shop for holiday gifts, Statistics Canada says what Canadians owe relative to their household income has reached a new high.
Third quarter figures show household credit market debt, which includes credit, mortgage and non-mortgage loans, is at 171.1 per cent.
For every dollar of household disposable income, there was $1.71 of credit market debt.
The increase is a full point above the second quarter mark of 170.1 per cent.
Analysts say a key risk to the Canadian economy is a combination of high house prices and debt levels, with mortgage debt increasing by 1.5 per cent.
The overall household credit market debt spiked in the third quarter by 1.4 per cent to $2.11 trillion.
With files from the Canadian Press.
Andy Neal
