Sep 24, 2012 – News Today

CMHC issues warning on high household debt

Canadians’ mortgage debt came close to matching the country’s gross domestic product in 2010 — a scary statistic at a time when it seems everyone, including the governor of the Bank of Canada and the federal finance minister, is sounding the alarm about record household debt levels. But it turns out that $1.042 trillion in mortgage debt isn’t necessarily a bad thing — and certainly not the end of the world, despite the fact that housing-related spending made up 20.3 per cent of Canada’s approximately $1.7-trillion GDP in 2010.