Saskatoon, Regina families spend 169% more money than they earn: CMHC
People in Saskatchewan's biggest cities spend $1.69 for every dollar they earn, according to the CMHC. (File)
The average family in Saskatoon and Regina spends $1.69 for every dollar they earn, according to the Canadian Mortgage and Housing Corporation (CMHC).
On Thursday, the CMHC released its latest report showing Canadian debt-income ratios are at an all-time high.
Saskatoon and Regina's debt-income ratio sits at 169 per cent, nearly on par with the national average of 171 per cent.
The CMHC warns families could feel squeezed if interest rates were to jump.
The CMHC says right now, with interest rates holding steady, families are able to stay afloat. But the corporation warns that an increasing debt load could force Canadians to dip into their savings, and cut back on expenses to stay on budget.
The largest contributor to Canadian household debt is mortgages, accounting for two-thirds of Canadian household debt.
Personal debt level in Vancouver was the highest in the country – for every $1 of disposable income, $2.42 is owed.
Cities with the highest debt to income ratio:
- Vancouver 242%
- Toronto 208%
- Victoria 189%
- Hamilton 176%
- Regina & Saskatoon 169%
- Montreal 167%
- Ottawa-Gatineau 166%
- Halifax 164%
- Calgary & Edmonton 162%
- Quebec City & Winipeg 140%
- Greater Sudbury 133%
- Sherbrooke 132%
- Saint John 106%