The latest figures released by Stats-Canada on Canadian household debt, may be disturbing to some. These include a record amount of mortgage debt, $34.9 billion, in the last quarter of 2020, which beat the previous high of $28.7 billion set in the third quarter. Household debt as a proportion of income rose to 175 per cent, as debt grew while incomes went down.
In other words, Canadians owed $1.75 for every dollar of household disposable income.
This should make Canadian capitalists very happy; a worker who is up to his eyes in debt is less likely to make waves.