Canadian households have seen the sharpest rise in debt of any G7 country, the Parliamentary Budget Office says in a report that warns Canadians may be facing a debt crisis in the next five years.

The PBO said the ratio of debt to household disposable income has grown to 171 per cent, “the highest level recorded since 1990.”

That number is significantly higher than recent estimates from Statistics Canada, which had the debt ratio at slightly above 164 per cent.

“Among G7 countries, Canada has experienced the largest increase in household debt relative to income since 2000,” the PBO said. “Households in Canada have become more indebted than any other G7 country over recent history.”