Houses for sale in Ottawa

“Prospective homeowners may be turning away from the housing market due to affordability concerns, while existing homeowners who purchased a home when interest rates were much lower a few years ago may be paying off their existing mortgage debt balances or moving into more affordable accommodations,” StatCan said.

Debt-to-income ratios were the highest for core working-age households (aged 35 to 64) in Q3 2023, ranging from 164.2% to 255.9%. These proportions grew on an annual basis, especially among those aged 35 to 44 years (up by 6.2%) and those aged 55 to 64 (up by 5.9%).

“Debt for core working-age households increased at a faster rate than disposable income, as employment income gains were offset by higher debt charges,” StatCan said.

During the same period the debt-to-income ratio went down among the youngest households (down by 10.7% among those aged less than 35 years) and seniors (down by 3.2% among those aged 65 years and older).

“While the ratio for the youngest households declined due to reductions in mortgage debt combined with strong wage gains, seniors benefitted from gains in investment earnings,” StatCan said.

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