credit and debt
INDEBTED TO OUR MOST POPULAR CITIES
Mortgage debt has grown substantially over the past few years alongside rising home prices—and unsurprisingly markets that have the most debt are ones where prices are highest.
Much of the discussion around mortgage debt and affordability in real estate has centred around Canada’s two most expensive provinces: BC and Ontario. And while the story on mortgage debt and home equity line of credit extends beyond those two markets, it doesn’t stray that far geographically speaking. Canada’s two most expensive provinces account for the highest per capita mortgage and HELOC debt for owned households with a mortgage. And while British Columbia leads the way, with three of the top five most
indebted markets, Ontario is right behind. In fact, those two provinces account for the 11 highest per capita debt loads in the nation. Here in Kelowna, the debt load per owned household with a mortgage is the sixth-highest in Canada, at an average of $383,000. Later in this report we'll dig into the data on mortgage- free equity in Canadian metro areas, but the bottom line is that debt is a key ingredient for first-time and move-up buyers to particpate in Kelowna's increasingly higher-priced market.
PROPORTIONALLY, DEBTS ARE THE MOST ON THE WEST COAST
$600,000
$500,000
$382,955
$400,000
$300,000
$200,000
$100,000
$0
DATA: OUTSTANDING MORTGAGE & HELOC DEBT PER OWNER HOUSEHOLD WITH A MORTGAGE, LARGE METRO AREAS IN CANADA
SOURCE: EQUIFAX, STATISTICS CANADA (2021 CENSUS)
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