Greater Victoria homeowners hold some of the highest mortgage debt in Canada, according to a credit education company’s new report.
Compiling data from 874,111 members in August, Borrowell found the average Canadian homeowner held $359,587 in mortgage debt. In Greater Victoria, the average was $477,128, only sitting below Toronto, Vancouver, Burnaby and Surrey.
The lowest average mortgage debt in Canada in August was $261,325 in Regina.
Interestingly, Greater Victoria homeowners actually have the third-lowest non-mortgage debt of the cities compiled nationally at $27,523. The highest non-mortgage debt for homeowners exists in Calgary at $36,330, followed by Burnaby, Edmonton and Saskatoon.
READ ALSO: 28 years to save for a Greater Victoria home down payment: Bank report
When compared to non-homeowners, the average homeowner holds 20 times more total debt in Canada and 25 times more total debt in Greater Victoria. Non-homeowners here have an average of $20,246 in debt, compared to homeowners’ total of $504,651.
While they hold far more debt, homeowners are less likely to miss a bill payment. In Greater Victoria, seven per cent of homeowners have missed a payment, compared to 22 per cent of non-homeowners.
Borrowell CEO Andrew Graham said the large discrepancy speaks to the significant hurdles Canadians are facing in the rental market.
“High rental prices and a hot housing market are making it extremely difficult for those in Vancouver, Toronto, and other major cities to get their foot in the housing market and safely obtain some form of financial stability,” he said in the report.
READ ALSO: Average Greater Victoria one-bedroom rental price leaps to $1,700
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