The simple answer is no.
The measure I prefer is debt to GDP. A few developed countries in the world are in the same category as Canada, but Canada is right at the very top of the list in terms of private sector debt.
I'm sure most of the discussion about debt in this committee and elsewhere has been about government debt, but government debt is not nearly as dangerous as private sector debt. Private sector participants go bankrupt or get foreclosed, whereas governments somehow manage to carry on, even if they're overly indebted.