Vancouver leads the country in consumer debt

Vancouverites have the highest consumer debt per capita in the country, according to a new survey from Savvy New Canadians.

The poll found that consumer debt has surged by more than 17 per cent since 2019, and that Canadians now carry an unprecedented average of $65,000 in consumer debt.

In Vancouver, that per-capita consumer debt sits at over $360,000, with the majority related to mortgage payments.

Financial advisor Murray Baker says it’s become very challenging for families in Greater Vancouver to live within their means, and offered a few tips.

“The New Year is a good time to take an audit and cut down on streaming devices,” he said. “If people have predatory loans — which are the worst type of loans because of the high interest rate — try to pay those off.”

Baker pointed to specialty retail credit cards as an example of the type of debt to pay off first.