When you look at household debt, so non-mortgage debt, for example, it has reached $43,300 in the first quarter, up from $40,200 two years ago. Some of these numbers are pretty alarming and pretty staggering, when you look at how Canadians are paying for things beyond their mortgage.
Another example is that, among homeowners, average non-mortgage debt reached $82,000, up 19% compared to two years ago. Those are alarming numbers. I know there are some pressures such the cost of a vehicle, for example, which is at an all-time high, but Canadians are using debt services at a higher and higher rate.
Again, for all the grand talk about how Canadians have never had it so good, as we're hearing from the government, the data shows a completely different story. This is why I brought up the point about the federal market debt coming up for renewal from 1% to 3%. Canadians are seeing, for example, their mortgage rates go up and increasing. When you look at mortgage renewals, a substantial number of mortgages are up for renewal over the next year or two, and they will be coming in at much higher costs.
When you're looking forward, as you said you want to do, and you're seeing the state of the cost of servicing debt at the government's level but also at the consumer level, how concerning is that projection for the average Canadian, when that's what they're faced with?