Consumer Debt Hits C$2.65T in Q4 with 90+ Day Delinquencies Rising to 1.73%
Total consumer debt rose 3.13% year-over-year in Q4 2025 to C$2.65 trillion, driven by a C$50.26 billion mortgage increase and a 4.5% jump in non-mortgage balances. The 90+ day non-mortgage delinquency rate climbed from 1.64% to 1.73% and 26-to-35-year-olds posted the highest delinquency at 2.55%, while Ontario recorded a 10.31% increase.
1. Q4 2025 Consumer Debt Growth
Total consumer debt rose 3.13% year-over-year to C$2.65 trillion in Q4 2025, driven by a C$50.26 billion increase in mortgage balances and a 4.5% jump in non-mortgage debt.
2. Rising Delinquency Rates
Non-mortgage 90+ day delinquency climbed from 1.64% to 1.73% year-over-year, with consumers aged 26 to 35 posting the highest rate at 2.55%, an 8.39% annual increase in credit stress.
3. Regional Divergence
Ontario experienced a 10.31% acceleration in non-mortgage delinquency, while Alberta recorded the highest missed payment rate at 2.45%; Quebec and Maritime provinces saw declining delinquency supported by stronger housing affordability.
4. Holiday Spending Pullback
Inflation-adjusted credit card spending in December fell 0.7% to $2,297, led by a 2.0% drop among 26- to 35-year-olds, which helped curb January delinquency spikes despite overall credit card balances reaching a record $131 billion.