This page covers the debt side of Canadian family finances: how many families owe money, how much, by age, province and type of debt, from Statistics Canada’s Survey of Financial Security (SFS) for 2023, plus the national debt-to-income ratio, which Statistics Canada updates every quarter. For the asset side, see net worth by age; both are part of the financial planning hub.
The SFS counts family units, not people: relatives who live together are one unit, and a person living alone or with non-relatives is a unit of one. The figures below describe families that have each kind of debt. The median is the middle family among them; the average is the total they owe divided by the number of families. All dollar amounts are in 2023 dollars.
Debt by age
| Age of main earner | Families with debt | Median debt | Average debt |
|---|---|---|---|
| Under 35 | 78.3% | $80,000 | $186,600 |
| 35 to 44 | 84.1% | $190,000 | $287,200 |
| 45 to 54 | 83.6% | $160,800 | $273,000 |
| 55 to 64 | 68.1% | $88,000 | $199,400 |
| 65 and over | 44.2% | $28,000 | $91,400 |
| All ages | 68.9% | $100,000 | $211,500 |
Source: Statistics Canada, table 11-10-0016-01, Survey of Financial Security, 2023.
Debt builds while families are carrying a mortgage and falls as mortgages are paid off: 84.1% of families whose main earner is 35 to 44 had debt, against 44.2% of those 65 and over.
Debt by type
| Type of debt (all ages) | Families holding it | Median, among holders | Average, among holders |
|---|---|---|---|
| Mortgage on the home | 36.5% | $200,000 | $253,400 |
| Line of credit | 18.7% | $20,000 | $52,100 |
| Credit card and instalment debt | 36.0% | $4,500 | $9,400 |
| Vehicle loans | 27.1% | $20,000 | $26,900 |
| Student loans | 12.0% | $14,000 | $20,400 |
The mortgage on a family’s home is the largest debt for the families that have one. Credit card and instalment balances are more common than student loans but smaller. The survey reports credit card balances together with instalment loans, so it has no separate figure for credit card debt alone. The mortgage row counts only the mortgage on the family’s home; counting mortgages on a cottage or a rental property as well, 39% of families held a mortgage in 2023, with a median of $205,000 among them, down from $219,500 in 2019. Ways to pay debt down are in the debt strategies guides.
Debt by province
| Province | Families with debt | Median debt | Average debt |
|---|---|---|---|
| Newfoundland and Labrador | 74.9% | $60,000 | $125,900 |
| Prince Edward Island | 74.0% | $77,000 | $134,000 |
| Nova Scotia | 70.6% | $50,000 | $122,400 |
| New Brunswick | 70.6% | $63,600 | $111,200 |
| Quebec | 65.4% | $72,300 | $148,700 |
| Ontario | 70.0% | $110,000 | $253,600 |
| Manitoba | 67.3% | $128,000 | $161,500 |
| Saskatchewan | 71.3% | $101,500 | $151,900 |
| Alberta | 73.0% | $167,000 | $220,600 |
| British Columbia | 66.9% | $100,000 | $261,600 |
Among families with debt, the median was highest in Alberta and lowest in Nova Scotia.
The household debt-to-income ratio
Statistics Canada’s national balance sheet accounts compare all household credit market debt (mortgages plus consumer credit and loans) with household disposable income. In the second quarter of 2026, the ratio was 176.4%: about $176.4 of debt for every $100 of after-tax income. The highest the ratio has been was 188.2%, in the third quarter of 2022.
Source: Statistics Canada, table 38-10-0238-01, seasonally adjusted.
This is an economy-wide ratio, not a guide for one family. For your own household, the debt-to-income ratio guide explains how debt payments are compared with income. Credit scores are a separate measure; the averages by age are on average credit score in Canada.
Related reading
Sources
The figures and rules on this page come from these sources, last checked against them between September 25, 2026 and October 1, 2026. How we check facts.
- Statistics Canada: Assets and debts held by economic family type, by age group, Canada, provinces and…
- Statistics Canada: The Daily — Survey of Financial Security, 2023
- Statistics Canada: Financial indicators of households and non-profit institutions serving households,…
- Statistics Canada: Household sector credit market summary table, seasonally adjusted estimates