Total consumer debt in Canada has reached $2.6 trillion, according to credit reporting agency TransUnion (TRU).
The debt held by Canadians is primarily balances on home mortgage, which rose 4.1% year-over-year to $1.89 trillion in the third quarter.
The agency said mortgage originations increased 18% year-over-year in Q3 as homeowners refinanced their mortgages or renewed amid lower interest rates.
The average new mortgage loan amount, primarily from homeowners in Toronto and Vancouver, stands at $359,623 currently.
In terms of non-mortgage debt, it increased 4.3% to $673 billion year-over-year in the year’s third quarter.
The average credit card balance in Canada rose 2% to $4,652. Auto loans throughout Canada were up to $30,396 in 2025 from $29,138 in 2024.
TransUnion noted that initial delinquency rates of 30 or more days past due have declined to 4.38%, suggesting fewer consumers are missing payments.
However, late-stage delinquency rates of 90 days past due continued to rise to 1.77% in Q3.
The credit reporting agency said there exists a disparity between financially secure consumers and those experiencing financial hardships at the moment.
TransUnion’s stock has declined 7% this year to trade at $85.10 U.S. per share in New York.
