It’s a race to the bottom for Vancouver and Toronto residents.
While Canadians now owe $1.8 trillion in household debt, Vancouver and Toronto are piling up non-mortgage debt faster than any other major Canadian cities.
The just-released data looked at the fourth-quarter of 2017. It was provided by consumer credit reporting agency Equifax Canada.
And while numbers indicate Millennials have had the highest delinquency rates in terms of age, Equifax finds their delinquency has decreased by nine per cent since last year. And despite their overall continuous increase in debt, Millennials seem to be handling their payments better.