The Bank of Canada has noted increased Canadian household debt on several occasions. In some cases, it is extremely high.
We expect the growth in household debt to continue to slow down. The growth rate of Canadian debt will slow down during the projection period. The growth of household spending will decline in relation to the rate of wage increases and household income levels towards the end of our projection.
This has to do with the measures taken by the government to bring in tighter mortgage market conditions. Debt levels will also have an impact.