Canada Household Debt Tracker 2026: $3.21T Debt + Financial Stress Index

The Canadian Financial Stress Index is a composite score from 0 to 100 that tracks household financial pressure across Canada. It combines six key indicators: unemployment rates, EI claims volume, retail sales trends, the debt service ratio, housing affordability, and insolvency filing trends from the Office of the Superintendent of Bankruptcy. A higher score indicates greater financial stress on Canadian households.

Canadian households currently carry approximately $3.21T in total debt, including mortgages, consumer credit, and other liabilities. On a per capita basis, that works out to roughly $78,182 per person — one of the highest levels among G7 nations.

Canada's household debt-to-income ratio currently stands at 174.78%. This means Canadians owe $1.75 for every $1.00 of household disposable income. This ratio has been climbing steadily and is a key indicator of financial vulnerability tracked by the Bank of Canada.

The debt service ratio is the share of household disposable income that goes toward interest and principal payments on debt. As of the latest data it is 14.64% — meaning about 15 cents of every dollar of income is spent on debt payments. The Bank of Canada monitors this closely; when it rises, households have less cushion for emergencies or rate increases.

Canada's unemployment rate in the latest data is 6.5%. Job loss is one of the strongest predictors of personal insolvency, so this indicator is weighted heavily in the Financial Stress Index. Higher unemployment typically leads to more EI claims and, with a lag, more consumer proposals and bankruptcies.

EI claims rose 5.9% month-over-month in the latest data, signalling more Canadians filing for Employment Insurance — often a leading indicator of job loss and future financial stress.

According to the CollectorHQ Financial Stress Index, Newfoundland and Labrador currently has the highest stress score at 47.1, followed by Prince Edward Island (44.4) and Ontario (43.9). Higher stress reflects stronger unemployment and EI-claims pressure in that province. See the Provincial Stress Rankings section above for the full list.

As of the latest data, Quebec has the lowest Financial Stress Index at 40.4, with Saskatchewan (40.6) next. Lower scores indicate relatively better employment and EI conditions; they do not mean household debt levels are low, since the national debt-to-income ratio applies across all provinces.

The New Housing Price Index (2017 = 100) stands at 122 in the latest data. New housing prices are down 2% year-over-year. Housing affordability is one of five inputs to the Financial Stress Index — when prices rise faster than income, debt burdens grow.

When household debt becomes unmanageable, Canadians may face missed payments, credit damage, and collections activity. In serious cases, individuals may need to file a consumer proposal or declare bankruptcy to resolve their debts. A Licensed Insolvency Trustee can help assess which debt relief option is most appropriate.

The Canadian Financial Stress Dashboard is updated monthly as Statistics Canada releases new data tables covering household debt, employment, EI claims, retail sales, and housing prices. Each indicator may have slightly different reporting periods, which are noted on the dashboard.

This dashboard was last updated on 2026-02-08. The exact reference period for each metric appears on the dashboard: debt and debt-service data are typically one to two months behind; employment and EI data are usually the most recent.

A consumer proposal is a legally binding agreement between you and your creditors to repay a portion of your total debt over a period of up to five years. It is administered by a Licensed Insolvency Trustee and provides legal protection from creditors, including a stay of proceedings that stops wage garnishments and collection calls. It is the most common alternative to bankruptcy in Canada.