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OTTAWA — Canadian household debt as a share of income dipped in the first quarter but remained near record highs, Statistics Canada said on Wednesday in a report likely to reinforce concerns that consumers are becoming overextended.

The ratio of debt to disposable income edged down to 166.9 per cent from an adjusted 167.2 per cent in the fourth quarter. That meant Canadians owed $1.67 for every dollar of disposable income.

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tap here to see other videos from our team. Try refreshing your browser, or Canadians owe $1.67 for every $1 of disposable income and the $27.5 billion we borrowed in Q1 was mostly mortgages Back to video

The Bank of Canada – which warns borrowers that interest rates will one day move up from near record lows — last week said rising consumer debt levels and an unbalanced housing market had raised household vulnerabilities.





Separately, data showed Canadian home prices rose in May as Toronto remained robust despite recent government efforts to cool the market, while prices in Vancouver picked back up to hit a fresh peak.