Average Canadian Debt by Province (2026 Data)
By Wealthvieu
·
Updated
The average Canadian owes over $75,000 in non-mortgage debt, and total household debt exceeds $2.1 trillion. Here’s how debt varies by province.
Table of Contents
Average Total Debt by Province (Excluding Mortgages)
| Province |
Average Non-Mortgage Debt |
vs National Average |
| Alberta |
$28,500 |
+15% |
| British Columbia |
$26,800 |
+8% |
| Ontario |
$25,800 |
+4% |
| Saskatchewan |
$25,200 |
+2% |
| Manitoba |
$23,500 |
-5% |
| Canada (Average) |
$24,800 |
— |
| Newfoundland & Labrador |
$23,200 |
-6% |
| New Brunswick |
$22,100 |
-11% |
| Nova Scotia |
$21,800 |
-12% |
| Prince Edward Island |
$20,500 |
-17% |
| Quebec |
$19,500 |
-21% |
Alberta carries the highest non-mortgage debt, driven by auto loans and lines of credit. Quebec has the lowest.
Average Mortgage Debt by Province
| Province |
Average Mortgage Balance |
Average Home Price |
| British Columbia |
$420,000 |
$960,000 |
| Ontario |
$380,000 |
$870,000 |
| Alberta |
$285,000 |
$490,000 |
| Quebec |
$215,000 |
$470,000 |
| Manitoba |
$200,000 |
$350,000 |
| Saskatchewan |
$195,000 |
$325,000 |
| Nova Scotia |
$210,000 |
$410,000 |
| New Brunswick |
$175,000 |
$320,000 |
| Newfoundland & Labrador |
$170,000 |
$280,000 |
| Prince Edward Island |
$185,000 |
$370,000 |
| Canada (Average) |
$310,000 |
$680,000 |
BC and Ontario have the highest mortgage debt, reflecting their expensive housing markets.
Debt Breakdown by Type (National)
| Debt Type |
Average Amount |
% of Total Non-Mortgage Debt |
| Auto loans |
$10,200 |
41% |
| Credit cards |
$4,200 |
17% |
| Lines of credit (HELOC, LOC) |
$6,500 |
26% |
| Student loans |
$2,800 |
11% |
| Other (retail, payday, etc.) |
$1,100 |
5% |
| Total non-mortgage |
$24,800 |
100% |
Auto loans are the largest non-mortgage debt category, followed by lines of credit.
Average Credit Card Debt by Province
| Province |
Average Credit Card Debt |
Average Balance Carrying Interest |
| Alberta |
$4,800 |
$3,200 |
| British Columbia |
$4,600 |
$3,000 |
| Ontario |
$4,500 |
$2,900 |
| Saskatchewan |
$4,100 |
$2,700 |
| Manitoba |
$3,800 |
$2,500 |
| Newfoundland & Labrador |
$3,700 |
$2,500 |
| Nova Scotia |
$3,500 |
$2,300 |
| New Brunswick |
$3,400 |
$2,200 |
| Prince Edward Island |
$3,200 |
$2,100 |
| Quebec |
$3,000 |
$1,800 |
| Canada |
$4,200 |
$2,700 |
Debt-to-Income Ratio by Province
| Province |
Household Debt-to-Disposable Income |
| British Columbia |
210% |
| Ontario |
195% |
| Alberta |
180% |
| Canada |
185% |
| Saskatchewan |
170% |
| Manitoba |
155% |
| Nova Scotia |
150% |
| New Brunswick |
140% |
| Newfoundland & Labrador |
135% |
| Quebec |
145% |
| Prince Edward Island |
140% |
BC households owe $2.10 for every $1.00 of disposable income — the highest ratio in Canada.
Average Debt by Age Group
| Age Group |
Average Non-Mortgage Debt |
Average Mortgage Debt |
Total Debt |
| 18–25 |
$8,500 |
$5,000 |
$13,500 |
| 26–35 |
$18,500 |
$240,000 |
$258,500 |
| 36–45 |
$25,000 |
$350,000 |
$375,000 |
| 46–55 |
$28,000 |
$280,000 |
$308,000 |
| 56–65 |
$22,000 |
$150,000 |
$172,000 |
| 65+ |
$12,000 |
$50,000 |
$62,000 |
Peak total debt occurs in the 36-45 age group when mortgage balances are highest.
Auto Loan Debt by Province
| Province |
Average Auto Loan |
Average Monthly Payment |
| Alberta |
$13,500 |
$620 |
| British Columbia |
$11,200 |
$580 |
| Ontario |
$10,800 |
$560 |
| Saskatchewan |
$10,500 |
$545 |
| Manitoba |
$9,800 |
$510 |
| Nova Scotia |
$8,500 |
$470 |
| New Brunswick |
$8,200 |
$450 |
| Quebec |
$8,000 |
$440 |
| Newfoundland & Labrador |
$8,500 |
$465 |
| Prince Edward Island |
$7,800 |
$430 |
| Canada |
$10,200 |
$540 |
Student Loan Debt
| Metric |
Amount |
| Average student loan at graduation (bachelor’s) |
$28,000 |
| Average student loan at graduation (college) |
$15,000 |
| Average monthly payment |
$350 |
| Average repayment period |
9.5 years |
| Total outstanding student debt (Canada) |
~$22 billion |
Insolvency Rates by Province
| Province |
Consumer Insolvencies per 1,000 Adults |
| Nova Scotia |
5.2 |
| New Brunswick |
5.0 |
| Ontario |
4.8 |
| Alberta |
4.5 |
| Saskatchewan |
4.3 |
| Manitoba |
4.0 |
| Newfoundland & Labrador |
4.2 |
| British Columbia |
3.5 |
| Quebec |
4.8 |
| Prince Edward Island |
4.0 |
| Canada |
4.4 |
Cost of Carrying Debt
What debt costs at current rates:
| Debt Type |
Average Rate |
Monthly Interest on $10,000 |
Annual Interest |
| Credit card |
20.99% |
$175 |
$2,099 |
| Store credit card |
28.99% |
$242 |
$2,899 |
| Personal line of credit |
8.5% |
$71 |
$850 |
| HELOC |
7.2% |
$60 |
$720 |
| Auto loan |
6.5% |
$54 |
$650 |
| Student loan (federal) |
Prime + 0% |
$55 |
$660 |
| Mortgage (variable) |
5.5% |
$46 |
$550 |
Carrying $4,200 on a credit card at 20.99% costs $882/year in interest alone.
Strategies to Reduce Debt
| Strategy |
Best For |
How It Works |
| Avalanche method |
Saving the most money |
Pay minimums on all, extra toward highest-rate debt |
| Snowball method |
Motivation and momentum |
Pay minimums on all, extra toward smallest balance |
| Balance transfer |
Credit card debt |
Transfer to 0% promotional card |
| Debt consolidation loan |
Multiple debts |
Combine into one lower-rate payment |
| Consumer proposal |
Serious debt ($10K+) |
Negotiate to pay portion of debt |
Key Takeaways
- The average Canadian carries $24,800 in non-mortgage debt
- Alberta has the highest non-mortgage debt ($28,500) while Quebec has the lowest ($19,500)
- BC has the highest debt-to-income ratio at 210%
- Auto loans are the #1 non-mortgage debt at $10,200 average
- Credit card debt averages $4,200 — costing ~$882/year in interest at 20.99%
- Peak total debt is age 36-45 when mortgage balances are highest
- Canadian household debt exceeds $2.1 trillion — among the highest per-capita in the world
