Update on the total (household, business, and all levels of government) debt numbers in Canada and the size of the Bank of Canada's balance sheet

The borrowing and spending binge by Canadian households, businesses, and governments (all levels) continues unabated. Growing the debt in the economy significantly faster than the economy itself grows seems to have developed into a way of life in Canada.

At the end of June, 2020 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $9.319 trillion. At the end of June, 2019 the total debt outstanding was $8.447 trillion. In the 1 year period from the end of June, 2019 to the end of June, 2020 it increased by $872.4 billion. This is an increase of 10.3%.

The start date of this Statistics Canada data table can be changed at the top of the page.

The approximate beginning of the last global financial crisis was June, 2007. At the end of June, 2007 the total debt outstanding in Canada was $4.014 trillion. In the last 13 years it has increased by $5.305 trillion. This is an increase of 132.1%.

Looking at the total debt outstanding of domestic non-financial sectors in Canada (17th line up from the bottom of the Statistics Canada credit market summary data table):

At the end of June, 2020 the total debt outstanding of domestic non-financial sectors was $6.294 trillion. At the end of June, 2019 the total debt outstanding of domestic non-financial sectors was $5.658 trillion. In the 1 year period from the end of June, 2019 to the end of June, 2020 it increased by $635.8 billion. This is an increase of 11.2%.

At the end of June, 2007 the total debt outstanding of domestic non-financial sectors was $2.802 trillion. In the last 13 years it has increased by $3.491 trillion. This is an increase of 124.5%.

At the end of June, 2020 the annual gross domestic product at market prices in Canada (2nd line up from the bottom of the Statistics Canada gross domestic product, expenditure-based data table) was $1.989 trillion. At the end of June, 2019 the annual gross domestic product at market prices was $2.305 trillion. In the 1 year period from the end of June, 2019 to the end of June, 2020 it decreased by $316 billion. This is a decrease of 13.7%.

At the end of June, 2020 the total debt outstanding in Canada was 4.6 times greater than the annual gdp at market prices, and looking at just the total debt outstanding of domestic non-financial sectors, that was 3.1 times greater than the annual gdp at market prices.


On February 29, 2020 the Bank of Canada's balance sheet was at $122.8 billion.

https://www.bankofcanada.ca/about/governance-documents/bank-of-canada-statement-financial-position/

On September 9, 2020 the Bank of Canada's balance sheet was at $534.7 billion.

https://www.bankofcanada.ca/rates/banking-and-financial-statistics/bank-of-canada-assets-and-liabilities-weekly-formerly-b2/

From February 29, 2020 to September 9, 2020 the Bank of Canada's balance sheet increased by $411.9 billion. This is an increase of 335.2%.

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Update on the total (household, business, and all levels of government) debt numbers in Canada and the size of the Bank of Canada's balance sheet