Strapped for cash: Here is the average debt load in Montreal

Quebec’s economy is on the rise and according to a new report, the debt load for Montreal citizens is not going anywhere soon.

Equifax Canada’s most recent Market Pulse consumer credit trends and insights report for Q2 2022 compared to last year has revealed that Quebec and Montreal have some pretty high debt loads.

But at least it’s not as bad as the rest of the country.

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Topping the list was Fort McMurray with a staggering average debt of $36,640, followed by Calgary at $24,912, and Edmonton at $24,345.

The lowest average debt load for a major Canadian city was Montreal at $16,422.

Equifax Canada

When it comes to each province, Quebec has the second-lowest average debt in Canada, just behind Manitoba.

Alberta leads Canada with an average debt of $25,056 followed by Newfoundland ($22,909), and Saskatchewan ($22,582).

Equifax Canada

“The cost of living has been increasing across Canada and indeed globally with rising inflation being seen across essentials like housing and energy as well as many other goods and services,” said Rebecca Oakes, vice president of Advanced Analytics at Equifax Canada, in a news release.

“Financial stress is becoming a very real thing for many more Canadians. Its impact on consumer credit is not just visible in day-to-day credit card spending, but also in other non-mortgage debt like auto loans and lines of credit, where balances are on the rise.”

Credit card spending is also reaching historic high levels according to the report, with the average credit limit on new cards at over $5,800, the highest it has been in the last seven years.

With files from Daily Hive’s Laine Mitchell