Fort McMurray Residents Topping Canada’s Highest Average Debt

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Fort McMurray Residents Topping Canada’s Highest Average Debt

Fort McMurrayites have the highest non-mortgage average debt.

That’s according to Equifax Canada who sent out their latest release looking at the consumer demand for their first quarter across the country.

On average, people in Fort McMurray are facing a debt around $37,345. In comparison, debt for people living in Calgary is around $28,840.

“The reason for the high debt is the past baggage,” said Regina Malina, Senior Director of Data & Analytics at Equifax Canada. “When the economy was booming and unemployment rates were much lower, there was high debt.”

She notes year over year the community’s average debt only increased slightly, one of the lowest in the country.

“It’s just the value of the debt that’s high.”

Malina says the majority of the non-mortgage debt comes from installment and car loans adding auto industry is playing a big part.

Meanwhile, Alberta topped the list for average resident debt, sitting at $27,871. Saskatchewan comes in second, averaging $24,462, with B.C sitting in third at $23,522.

Canada as a whole averaged over $22,000, up nearly three per cent.

The delinquency rate is staying around 1.15 per cent for the country with Newfoundland, Saskatchewan, and Alberta increasing heavily year over year.

“For the first time in a while, we’re seeing delinquency rates and bankruptcy rates start to stabilize in some of the regions that are hurting the most,” added Malina. “While the debt is increasing, the rates this quarter have very much been in check which gives us hope.”

Fort McMurray’s rate saw an increase of 1.7 per cent, increasing by four per cent from this time last year.
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