Strapped for cash: Torontonians are carrying more than $20k in debt

Toronto’s economy is on the rise, and according to a new report, the debt load for Torontonians 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 Toronto has some pretty high debt loads.

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Toronto finds itself sixth among Canadian cities, with an average debt of $20, 361.

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

Equifax Canada

When it came to each province, Ontario had an average debt of $21, 405.

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 historically 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.