Canada 's household debt hit record ( $ 1.4tn ) in July 2017 , marking a 20 % rise , YoY , and putting the nation 's banking system at risk . Nearly 37 % of Canadians added to their debt loads , pushing the average amount up 3.3 % to £1 per person , not including mortgages , per Equifax Canada . Even so , nearly half of Canadians reduced their personal debt .
Canada's household debt hit CAD1.8tn ($1.4tn) in Q4 2017, marking a 6% rise, YoY, and putting the nation's banking system at risk. Nearly 37% of Canadians added to their debt loads, pushing the average amount up 3.3% to CAD22,837 per person, not including mortgages, according Equifax Canada. Even so, nearly half of Canadians reduced their personal liabilities.