The average Canadian owes over $75,000 in non-mortgage debt, and total household debt exceeds $2.1 trillion. Here’s how debt varies by province.
Table of Contents
Average Total Debt by Province (Excluding Mortgages)
Province
Average Non-Mortgage Debt
vs National Average
Alberta
$28,500
+15%
British Columbia
$26,800
+8%
Ontario
$25,800
+4%
Saskatchewan
$25,200
+2%
Manitoba
$23,500
-5%
Canada (Average) $24,800 —
Newfoundland & Labrador
$23,200
-6%
New Brunswick
$22,100
-11%
Nova Scotia
$21,800
-12%
Prince Edward Island
$20,500
-17%
Quebec
$19,500
-21%
Alberta carries the highest non-mortgage debt, driven by auto loans and lines of credit. Quebec has the lowest.
Average Mortgage Debt by Province
Province
Average Mortgage Balance
Average Home Price
British Columbia
$420,000
$960,000
Ontario
$380,000
$870,000
Alberta
$285,000
$490,000
Quebec
$215,000
$470,000
Manitoba
$200,000
$350,000
Saskatchewan
$195,000
$325,000
Nova Scotia
$210,000
$410,000
New Brunswick
$175,000
$320,000
Newfoundland & Labrador
$170,000
$280,000
Prince Edward Island
$185,000
$370,000
Canada (Average) $310,000 $680,000
BC and Ontario have the highest mortgage debt, reflecting their expensive housing markets .
Debt Breakdown by Type (National)
Debt Type
Average Amount
% of Total Non-Mortgage Debt
Auto loans
$10,200
41%
Credit cards
$4,200
17%
Lines of credit (HELOC, LOC)
$6,500
26%
Student loans
$2,800
11%
Other (retail, payday, etc.)
$1,100
5%
Total non-mortgage $24,800 100%
Auto loans are the largest non-mortgage debt category, followed by lines of credit.
Average Credit Card Debt by Province
Province
Average Credit Card Debt
Average Balance Carrying Interest
Alberta
$4,800
$3,200
British Columbia
$4,600
$3,000
Ontario
$4,500
$2,900
Saskatchewan
$4,100
$2,700
Manitoba
$3,800
$2,500
Newfoundland & Labrador
$3,700
$2,500
Nova Scotia
$3,500
$2,300
New Brunswick
$3,400
$2,200
Prince Edward Island
$3,200
$2,100
Quebec
$3,000
$1,800
Canada $4,200 $2,700
Debt-to-Income Ratio by Province
Province
Household Debt-to-Disposable Income
British Columbia
210%
Ontario
195%
Alberta
180%
Canada 185%
Saskatchewan
170%
Manitoba
155%
Nova Scotia
150%
New Brunswick
140%
Newfoundland & Labrador
135%
Quebec
145%
Prince Edward Island
140%
BC households owe $2.10 for every $1.00 of disposable income — the highest ratio in Canada.
Average Debt by Age Group
Age Group
Average Non-Mortgage Debt
Average Mortgage Debt
Total Debt
18–25
$8,500
$5,000
$13,500
26–35
$18,500
$240,000
$258,500
36–45
$25,000
$350,000
$375,000
46–55
$28,000
$280,000
$308,000
56–65
$22,000
$150,000
$172,000
65+
$12,000
$50,000
$62,000
Peak total debt occurs in the 36-45 age group when mortgage balances are highest.
Auto Loan Debt by Province
Province
Average Auto Loan
Average Monthly Payment
Alberta
$13,500
$620
British Columbia
$11,200
$580
Ontario
$10,800
$560
Saskatchewan
$10,500
$545
Manitoba
$9,800
$510
Nova Scotia
$8,500
$470
New Brunswick
$8,200
$450
Quebec
$8,000
$440
Newfoundland & Labrador
$8,500
$465
Prince Edward Island
$7,800
$430
Canada $10,200 $540
Student Loan Debt
Metric
Amount
Average student loan at graduation (bachelor’s)
$28,000
Average student loan at graduation (college)
$15,000
Average monthly payment
$350
Average repayment period
9.5 years
Total outstanding student debt (Canada)
~$22 billion
Insolvency Rates by Province
Province
Consumer Insolvencies per 1,000 Adults
Nova Scotia
5.2
New Brunswick
5.0
Ontario
4.8
Alberta
4.5
Saskatchewan
4.3
Manitoba
4.0
Newfoundland & Labrador
4.2
British Columbia
3.5
Quebec
4.8
Prince Edward Island
4.0
Canada 4.4
Cost of Carrying Debt
What debt costs at current rates:
Debt Type
Average Rate
Monthly Interest on $10,000
Annual Interest
Credit card
20.99%
$175
$2,099
Store credit card
28.99%
$242
$2,899
Personal line of credit
8.5%
$71
$850
HELOC
7.2%
$60
$720
Auto loan
6.5%
$54
$650
Student loan (federal)
Prime + 0%
$55
$660
Mortgage (variable)
5.5%
$46
$550
Carrying $4,200 on a credit card at 20.99% costs $882/year in interest alone.
Strategies to Reduce Debt
Strategy
Best For
How It Works
Avalanche method
Saving the most money
Pay minimums on all, extra toward highest-rate debt
Snowball method
Motivation and momentum
Pay minimums on all, extra toward smallest balance
Balance transfer
Credit card debt
Transfer to 0% promotional card
Debt consolidation loan
Multiple debts
Combine into one lower-rate payment
Consumer proposal
Serious debt ($10K+)
Negotiate to pay portion of debt
Key Takeaways
The average Canadian carries $24,800 in non-mortgage debtAlberta has the highest non-mortgage debt ($28,500) while Quebec has the lowest ($19,500)BC has the highest debt-to-income ratio at 210%Auto loans are the #1 non-mortgage debt at $10,200 averageCredit card debt averages $4,200 — costing ~$882/year in interest at 20.99%Peak total debt is age 36-45 when mortgage balances are highestCanadian household debt exceeds $2.1 trillion — among the highest per-capita in the world
Written by
WealthVieu
WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.
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