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The Economy, Debt, and You

And what is the poorest province in Canada? Probability of default in 20 or 30 years 20 YRS. 30 YRS. 2012 The Economy, Debt, and You 18.6% Quebec is often cited as the poorest province in Canada, but in fact that title belongs to Ontario, with the province owing a total of $257.6 billion in gross debt as of March 20, 2012. At $178, 524, Quebec actually runs a distant second place. NEWFOUNDLAND 50.2% 17.6% PRINCE EDWARD ISLAND 57.1% IN MILLIONS ONTARIO (15-oct.) 17.5% QUEBEC NOVA SCOTIA Canadian Federal Surplus/deficit history Canadian federal debt history 57.1% (20-mar.) Canada's Debt SASKATCHEWAN (22-aug.) $700 $30,000 23.4% BRITISH COLUMBIA $20,000 $600 NEWFOUNDLAND NEW BRUNSWICK MANITOBA 52.9% $10,000 & LABRADOR (24-apr.) $500 (13-sep.) ALBERTA (9-oct.) S- (4-jul.) 8.1% $400 $-10,000 QUEBEC $-20,000 $300 28.2% $-30,000 $-40,000 $38,679 $8460 42.9% $16,323 ONTARIO $100 $-50,000 $-13,019 $3,856 79.3% $-60,000 $- 33.7% Fiscal year Fiscal year MANITOBA 66.7% 2008 $700 billion 15.3% NOVA SCOTIA SASKATCHEWAN NEW BRUNSWICK 47.8% After the recession hit in 2008, showing a surplus was near impossible and Canada ran a deficit lower than in the late 1980s. The national public debt is the total amount of money we owe. Currently that debt stands at $591 billion and while that may seem staggering, our gross national public debt is $700 billion. (22-oct.) (22-aug.) 42.4% ALBERTA During the late 1990s and early 2000s, actually showed a surplus rather than a deficit $10,840 $13,721 84% So why then, is Quebec so often cited as the poorest province? Because it is – when you measure in terms of debt per capita, or debt per person, rather than total debt. 14.1% BRITISH COLUMBIA 53.6% 1990-2000 $591,344,594,012.45 CDN 40 60 80 100 Recession The Current Outstanding Public Debt of Canada at September 21, 2012 Income and expenses Household Debt in 2012 Per Capita household debt 2012 Personal Debt 2008 Aggregate debt-to-income ratio For each $100 eamed 163.3% 164.4% 170 160 150 140 |130 Newfoundland & Labrador 120 British 110 Columbia / Alberta $15,225 Quebec 100 Manitoba 90 $21,432 The household debt situation $7,866 $4,337 $3,354 $11,919 P.E.I. (2011-2012) $11,603 certainly doesn't spell good news for Canada. Unfortunately, personal debt levels have gotten so high in this country that all Canadians are bound to be affected by it in some form or other. So just how high are those 80 $17,621 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Canada $13,336 $14,023 Nova Saskatchewan Ontario New Brunswick Scotia $163 is spent (per household) United Kindom United States AVERAGE levels? 163% 164.6% Canadians didn't believe our household debt ratio was anywhere near where they were in the U.S. before the recession. However, revised data now shows that our levels are much higher than we thought. After excluding certain organizations, Statistics Canada now reports that Canada's household debt to income ratio is 163%. That's about equal with levels seen in the U.S. when the subprime mortgage crisis hit. Credit-market debt such as mortgages rose to 164.6 percent of disposable income, compared with 163.3 percent in the prior three-month period, Statistics Canada said. On the provincial scale, debt is rising as well, unless you are in Alberta where they are stockpiling money as we speak. References: "Canadian Mortgages Inc. Provides mortgage brokerage, investment, and construction financing. Check out our services at or follow us on twitter to keep up to date with the latest in Canadian real estate and investment news . EMD Canadian Mortgages Inc. @camortgages $178.5 $257.6 Го ят-21 10-11 60-80 LO-90 E0-z0 16.06 68-88 12-13 (e) 60-80 L0-90 04-05 TO-00 66-8 92-93 68-88 5 millions

The Economy, Debt, and You

shared by canadianmortgagesinc on Jan 07
It’s no secret that Canada’s national public debt has taken a huge hit during that last several years and that that has trickled down into households, and the average debt per capita. But just how...


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