Canada’s growing household debt burden is another area of concern for the Canadian economy. According to a February 5, 2015, McKinsey Global Institute study of 47 countries, Canada had the second largest jump in the household debt-to-income ratio between 2007 and 2Q14—with the exception of Greece.

In Canada, household debt rose to 155% of income in 2014—up from 133% in 2007.