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 December, 2020 the total debt outstanding in Canada (bottom line of the Statistics Canada credit market summary data table) was $9.382 trillion. At the end of December, 2019 the total debt outstanding was $8.617 trillion. In the 1 year period from the end of December, 2019 to the end of December, 2020 it increased by $765 billion. This is an increase of 8.8%.

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 $4.010 trillion. In the last 13-1/2 years it has increased by $5.372 trillion. This is an increase of 133%.

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 December, 2020 the total debt outstanding of domestic non-financial sectors was $6.526 trillion. At the end of December, 2019 the total debt outstanding of domestic non-financial sectors was $5.804 trillion. In the 1 year period from the end of December, 2019 to the end of December, 2020 it increased by $722 billion. This is an increase of 12.4%.

At the end of June, 2007 the total debt outstanding of domestic non-financial sectors was $2.807 trillion. In the last 13-1/2 years it has increased by $3.718 trillion. This is an increase of 132%.

At the end of December, 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 $2.307 trillion. At the end of December, 2019 the annual gross domestic product at market prices was $2.343 trillion. In the 1 year period from the end of December, 2019 to the end of December, 2020 it decreased by $36 billion. This is a decrease of 1.5%.

At the end of December, 2020 the total debt outstanding in Canada was 4 times greater than the annual gdp at market prices, and looking at just the total debt outstanding of domestic non-financial sectors, that was 2.8 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 March 10, 2021 the Bank of Canada's balance sheet was at $575.3 billion.

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

From February 29, 2020 to March 10, 2021 the Bank of Canada's balance sheet increased by $452.5 billion. This is an increase of 368%.