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tap here to see other videos from our team. Try refreshing your browser, or Posthaste: Canadian companies are hitting record levels of debt — and real estate firms are leading the way Back to video

It’s not just Canadian consumers that are piling on debt. The country’s real estate, manufacturing and oil and gas industries are leading in corporate debt, according to a new report.

“We find there are specific sectors where debt is concentrated – with real estate, manufacturing, and the oil and gas sectors accounting for approximately 45 per cent

of total non-financial corporate debt,” according to a new report by TD Bank. “Even when adjusting for the level of cash holdings, debt levels in these industries remain elevated and are well above their respective averages over the current economic cycle.”

The bank notes that non-financial corporate debt is high also when compared to international peers. Canada’s non-financial debt-to-GDP ratio of 118.7 percent is third among G20 countries, trailing only China and France (with debt-to-GDP ratios of

154.5 and 154.1 percent, respectively).