Executive Summary
In March 2012, the Bank of Canada (BoC) stated that
"Canadian household spending is expected to remain high
relative to GDP as households add to their debt burden, which
remains the biggest domestic risk." 1
According to our annual consumer lending survey, Canadians seem
to be listening to the BoC and its governor, Mark Carney, who has
often warned them about rising debt levels.
Canadian consumers are generally comfortable with their debt.
Our survey of 1,200 Canadians, which was conducted by Leger
Marketing, found that almost two-thirds of respondents think their
debt level is about right. This comfort is likely due to our high
real estate values and low interest rates which make the debt seem
minor in relation to the value of the property and easy to carry
month to month. Respondents were also optimistic about their job
prospects, with almost 80% reporting that they were confident or
very confident in their job security.
