Edmonton homeowner debt falls on the lower end when compared to other Canadian cities; however, our non-mortgage debt is one of the highest in the country.
A new report from fintech company Borrowell revealed that Edmonton homeowners currently have an average of $350,6665 in debt, placing fifth-highest out of 15 major Canadian cities.
Vancouver homeowners have the highest amount of debt in the country, with an average of $629,803. Toronto comes in at a close second, with $608,296. Regina had the lowest amount, with an average of $294,292.
“High rental prices and a hot housing market are making it extremely difficult for those in Vancouver, Toronto, and other major cities to get their foot in the housing market and safely obtain some form of financial stability,” said Andrew Graham, co-founder and CEO of Borrowell.
Not too surprisingly, the vast majority of money owed is in the form of mortgages. In Edmonton, this breaks down to $314,863 in mortgage debt and $35,802 in non-mortgage debt for homeowners.
For Edmontonians who don’t own a home, their debt averages out to $22,258.
Interestingly, the report found that those who don’t own homes were actually more likely to miss bill payments.
“It’s clear why the rising cost of living is the number one issue for Canadians leading up to this election, with many communities across the country facing significant strain,” said Graham.
“One in every five Canadians on average has at least one missed bill payment. Every bill payment matters, and one delinquent bill can be the difference between being approved or denied for additional credit.”
And while Edmonton isn’t among the Canadian cities with the biggest mortgage balances, it has the second highest non-mortgage debt balance. The average Edmontonian has $22,258 in non-mortgage debt, falling just ahead of Saskatoon, which had $25,032.
According to the report, the cities with the lowest levels of non-mortgage debt were Montreal ($11,826), Hamilton ($17,992), and Toronto ($20,006).
With files from Laura Hanrahan