Average Debt by Province
| Province | Total Household Debt | Mortgage Debt | Consumer Debt | Debt-to-Income Ratio |
|---|---|---|---|---|
| British Columbia | $220,000 | $190,000 | $30,000 | 205% |
| Ontario | $215,000 | $185,000 | $30,000 | 195% |
| Alberta | $165,000 | $135,000 | $30,000 | 175% |
| Saskatchewan | $125,000 | $95,000 | $30,000 | 160% |
| Manitoba | $110,000 | $80,000 | $30,000 | 150% |
| Quebec | $120,000 | $95,000 | $25,000 | 155% |
| Nova Scotia | $105,000 | $75,000 | $30,000 | 160% |
| New Brunswick | $95,000 | $65,000 | $30,000 | 155% |
| Newfoundland & Labrador | $90,000 | $65,000 | $25,000 | 150% |
| Prince Edward Island | $100,000 | $70,000 | $30,000 | 155% |
Note: These are averages for households with debt. Many households have no mortgage debt.
Consumer Debt by Province
Consumer debt includes credit cards, auto loans, lines of credit, student loans, and personal loans — everything except mortgages.
| Province | Avg Consumer Debt | Credit Card | Auto Loan | Line of Credit | Student Loan |
|---|---|---|---|---|---|
| British Columbia | $30,000 | $4,500 | $13,000 | $8,500 | $4,000 |
| Ontario | $30,000 | $4,200 | $12,500 | $9,000 | $4,300 |
| Alberta | $30,000 | $4,800 | $14,000 | $7,500 | $3,700 |
| Saskatchewan | $30,000 | $4,000 | $14,500 | $8,000 | $3,500 |
| Manitoba | $30,000 | $3,800 | $13,500 | $9,000 | $3,700 |
| Quebec | $25,000 | $3,200 | $11,000 | $7,000 | $3,800 |
| Nova Scotia | $30,000 | $3,500 | $14,000 | $8,500 | $4,000 |
| New Brunswick | $30,000 | $3,300 | $14,500 | $8,500 | $3,700 |
| Newfoundland | $25,000 | $3,400 | $12,000 | $6,000 | $3,600 |
| PEI | $30,000 | $3,200 | $15,000 | $8,000 | $3,800 |
Notable Trends
- Auto loans are highest in Prairie provinces and Atlantic Canada where vehicle ownership is essential
- Credit card debt is highest in Alberta and BC
- Quebec has lower consumer debt overall due to cultural and regulatory factors
Mortgage Debt by Province
Mortgage debt varies dramatically by province, driven primarily by local housing costs.
| Province | Avg Mortgage (All Homeowners) | Avg Mortgage (With Mortgage) | Avg Home Price |
|---|---|---|---|
| British Columbia | $190,000 | $420,000 | $980,000 |
| Ontario | $185,000 | $380,000 | $870,000 |
| Alberta | $135,000 | $310,000 | $500,000 |
| Quebec | $95,000 | $250,000 | $480,000 |
| Manitoba | $80,000 | $220,000 | $365,000 |
| Saskatchewan | $95,000 | $240,000 | $330,000 |
| Nova Scotia | $75,000 | $210,000 | $420,000 |
| New Brunswick | $65,000 | $180,000 | $310,000 |
| Newfoundland | $65,000 | $170,000 | $290,000 |
| PEI | $70,000 | $200,000 | $385,000 |
First column is average across all homeowners (many own outright). Second column is for those with an active mortgage.
Debt-to-Income Ratio by Province
The debt-to-income ratio measures total household debt as a percentage of disposable income. A ratio of 180% means $1.80 in debt for every $1.00 of income.
| Province | Debt-to-Income | Risk Level |
|---|---|---|
| British Columbia | 205% | High |
| Ontario | 195% | High |
| Alberta | 175% | Moderate |
| Saskatchewan | 160% | Moderate |
| Manitoba | 150% | Healthy |
| Quebec | 155% | Moderate |
| Nova Scotia | 160% | Moderate |
| New Brunswick | 155% | Moderate |
| Newfoundland | 150% | Healthy |
| PEI | 155% | Moderate |
| Canada Average | 180% | Moderate-High |
Interpreting Debt-to-Income
| Ratio | Assessment |
|---|---|
| Below 150% | Healthy — manageable debt load |
| 150%–175% | Moderate — typical for homeowners |
| 175%–200% | Elevated — may be stretched if rates rise |
| Above 200% | High — significant financial risk |
Insolvency Rates by Province
Insolvencies include bankruptcies and consumer proposals filed with a Licensed Insolvency Trustee.
| Province | Insolvency Rate (per 1,000 adults) | Primary Cause |
|---|---|---|
| Nova Scotia | 5.8 | Consumer debt |
| New Brunswick | 5.5 | Consumer debt |
| Ontario | 4.5 | Consumer debt + mortgages |
| Alberta | 4.3 | Oil sector volatility |
| Manitoba | 4.2 | Consumer debt |
| Saskatchewan | 3.8 | Consumer debt |
| British Columbia | 3.5 | Lower due to home equity |
| Quebec | 3.2 | Lower consumer debt |
| PEI | 4.0 | Consumer debt |
| Newfoundland | 3.5 | Consumer debt |
Atlantic Canada has higher insolvency rates despite lower total debt because incomes are also lower.
Why Debt Varies by Province
High-debt provinces (BC, Ontario)
- Expensive housing markets require large mortgages
- Higher incomes support more borrowing
- Home equity provides a buffer against defaults
Moderate-debt provinces (Alberta, Saskatchewan)
- Housing is more affordable
- Resource-sector incomes can be volatile
- Higher auto loan usage due to rural distances
Lower-debt provinces (Quebec, Atlantic)
- More affordable housing
- Lower average incomes limit borrowing capacity
- Quebec has historically lower credit card usage
How Does Your Debt Compare?
Use our debt-to-income calculator to calculate your personal ratio and see how it compares to provincial averages.
If you are struggling with debt, see our guides on:
Methodology
Data is compiled from Statistics Canada, Equifax Canada, and Bank of Canada household credit reports. Figures represent averages for 2026 and are updated periodically. Actual debt levels vary significantly by household income, age, and homeownership status.