Average Toronto homeowner has $608,296 in debt

Toronto housing prices are increasing and so is the amount of debt homeowners have.

Borrowell has unveiled its latest report and shows that Toronto homeowners have an average debt of $608,296, just behind Vancouver’s $629,803. The fintech company notes that $574,246 in mortgage debt and $17,537 in non-mortgage debt.

“It’s clear why the rising cost of living is the number one issue for Canadians leading up to this election, with many communities across the country facing significant strain,” said Andrew Graham, co-founder and CEO of Borrowell. “One in every five Canadians on average has at least one missed bill payment. Every bill payment matters, and one delinquent bill can be the difference between being approved or denied for additional credit.”

“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,” Graham said.

Source: Daily Hive,

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