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Vancouver remains one of Canada’s most expensive cities, and residents are seeing their consumer debt climbing – but their average debt delinquency rate is the lowest in the country compared with all other major cities.

The average delinquency rate for all consumer debt – including all personal debt other than mortgages – was 0.68% in Vancouver at the end of 2018’s first quarter, according to an Equifax report released June 28. This is four ticks lower than the national rate of 1.08%. In second place was Ottawa at 0.95%, followed by Toronto (1.12%) and Calgary (1.17%). The highest rate of delinquency was in Fort McMurray (1.72%) followed by St. John’s (1.51%).

“Overall credit performance in Canada remains incredibly strong,” said Equifax Canada senior director of decision insights Regina Malina.

“Delinquency rates continued to march lower at the start of the year and credit growth has returned to healthier, more sustainable levels.”

In Vancouver, the average debt load was $25,904. This is a year-over-year increase of 5.2%, which is the highest increase in the country. In Toronto, the average debt increased 5% to $21,950. The national average is $22,776, which is 2.9% higher than it was a year ago.

Delinquency rates have fallen in the past year. Nationwide, the delinquency rated decreased 6.3% year-over-year. According to Equifax, Canadian consumers may be experiencing “credit fatigue,” and recent interest rate hikes will likely lead to a reversal of the trend of falling delinquency rates.

ecrawford@biv.com

@EmmaHampelBIV