Household Debt In Canada Hits Record 162.6% Of Income After StatsCan Revisions
Canadian household debt reached an all-time high in the third quarter of 2014,Reuters reports.
Average household debt reached 162.6 per cent of average household disposable income in the quarter. Statistics Canada revised its estimates for the previous three years downward, so the new numbers are lower than figures previously reported.
The number for the previous quarter — 163.6 per cent — was revised to 161.7 per cent. That makes the new number for the third quarter the highest debt ratio yet.
StatsCan said it made the revisions because it had initially overvalued mortgages.
The Canadian Press reports:
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