Canada Business News Archives

Ryerson University’s DMZ startup incubator is launching a blue-chip advisory council with the lofty goal of solving Canada’s entrepreneurial problems.

The 20-member council is headed by Nadir Mohamed, chairman of ScaleUP Ventures and former chief executive of Rogers Communications, and is composed of a range of business leaders from across the country.

IBM Canada president Dino Trevisani, Round 13 Capital partner and former Dragons’ Den personality Bruce Croxon and Adidas Group Canada president Michael Rossi are among the members. David Walmsley, editor-in-chief of The Globe and Mail, is also a member.

The council will meet six times a year and attempt to tackle problems that many entrepreneurs and startups face, from attracting funding and generating growth to creating international contacts and getting publicity.

“We want this council to help grow our startups,” says Abdullah Snobar, executive director of the DMZ. “They have the know-how and the resources and the diversity to do it.”

The DMZ started the process of putting the council together a year ago, with support from Ryerson, Mr. Snobar says. The incubator invited business leaders to apply to become members and ended up receiving 450 applications. The final membership was chosen based on individuals’ diversity and ability to address a wide range of issues.

One of the first challenges the council will tackle is entrepreneurs’ image problem in Canada.

Close to 40 per cent of Canadians polled in a DMZ survey could not name a single entrepreneur, while a further 30 per cent could identify only one. That differs from the United States, where individuals such as Facebook impresario Mark Zuckerberg and Tesla founder Elon Musk – whose mother is Canadian – are household names.

Former CBC personality Kevin O’Leary and BlackBerry founder Mike Lazaridis were among the few Canadian entrepreneurs who were recognized in the survey.

The survey also showed that Canadians generally view entrepreneurialism and entrepreneurs favourably, but more than half don’t have the confidence to start a new business themselves.

“It’s a real problem. We don’t celebrate entrepreneurship the same way we do hockey and basketball players,” Mr. Snobar says. “We want to make it something that my kids and your kids can speak to very naturally.”

The council has attracted the federal government’s endorsement. Navdeep Bains, the Minister of Innovation, Science and Economic Development and former distinguished visiting professor at Ryerson, says more efforts are needed to help entrepreneurs accelerate their early-stage companies into becoming global competitors.

Only about 5 per cent of small businesses in Canada are growing at a 20-per-cent clip on an annual basis, a low fast-growth rate by international standards, according to the government.

“This initiative by Ryerson is really great because you have individuals who are successful entrepreneurs, who are established CEOs, really helping and mentoring companies grow and scale,” Mr. Bains says. “That’s the sort of leadership we need to see.”

Globalive Capital chairman and Wind Mobile founder Anthony Lacavera, vice-chair of the council, plans to tackle that growth problem by helping startups find later-stage investment within Canada.

Too many startups, he says, have to go to the United States and other countries because local investors are too reticent to provide larger funding amounts.

“If I’m a U.S.-based venture capitalist or private-equity investor and I make an investment in a company in Canada or anywhere else abroad, I’m encouraging the company to establish a base in the United States,” he says.

“Of course you want to go the U.S. [with your products], but you can build your operations here in Canada.”

Special to The Globe and Mail

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Skift Take

Air Canada’s Ben Smith is right. Air Canada’s newish international business class is at least as good as first class was a decade or two ago. That’s probably why travelers who fly it tend to rave about it.

— Brian Sumers

True international first class, where flight attendants may serve caviar or write notes by hand for passengers, is probably no longer necessary outside of a few routes from global banking centers such as New York, Tokyo, and London, Air Canada’s president for passenger airlines said Tuesday at the Skift Global Forum.

Air Canada was among the first global carriers to remove first class, instead adding flatbeds with aisle access for long-haul passengers flying to business destinations. That’s a strong enough product for nearly all of Air Canada’s customers, most of whom prefer to have a good night’s sleep at an attractive price point rather than receive over-the-top service at an outrageously high fare.

“For the bulk of the world, the best business class product offerings are very, very good and usually adequate for what the top-end business or leisure customer is looking for,” Air Canada’s Ben Smith said. “We view our product as superior to anything else coming out of North America.”

Smith said customers generally want three things from Air Canada’s business class. First, they value consistency, so the service they receive from Toronto to Shanghai will be similar to what they had from Vancouver to Hong Kong. Second, they want a quiet, clean cabin where they can sleep well. Third, they want a low stress travel experience on the aircraft and at the airport.

air-canada-business

Air Canada believes its business class seat is so good that the airline doesn’t need first class.

“The customers that choose our business cabin don’t like to have surprises,” Smith said. “They like to have as much control as they can with their experiences.”

In North America, American Airlines soon will become the only airline with international first class, and it will have it only on a small portion of its fleet —20 Boeing 777-300ERs mostly assigned to the longest routes. United is retiring its first class within the next few years in favor of its new Polaris business class, while Delta long ago abandoned its first class cabin.

Larger international airlines, such as Lufthansa, Swiss, British Airways, Air France, Asiana, ANA, and Japan Airlines, still have first class, though many are removing it from some aircraft, or shrinking the sizes of their cabins as they take new deliveries or retrofit aircraft.

“When you look at the amount of real estate these products take up,” Smith said of international first class, “it’s unrealistic to think that the size of the market… is large enough to sustain a separate cabin.”

But Smith downplayed the trend, saying first class cabins are only shrinking because business class is getting so much better. Most business class cabins, he said, are too luxurious to justify an airline installing an even more opulent first class.

“If you look at the first class products from 10 or 20 years ago, they weren’t as good as they are today,” he said.

  • The Carbon Bubble

    The carbon bubble is the idea that if the world’s governments meet targets to limit climate change to 2 degrees Celsius by cutting carbon emissions, there will be a glut of fossil fuels on the market that cannot be burned. The concern is that when investors realize oil companies will have to leave much of the product they own in the ground, oil company stocks will collapse, leading to a crisis in the industry that could affect Canada. Among the people concerned about a carbon bubble is former Bank of Canada governor and current Bank of England governor Mark Carney.

  • Opposition To Keystone XL And Other Pipelines

    Many in Canada’s oil sector have been holding their breath to see whether the U.S. approves the Keystone pipeline,which would see tarry bitumen from Alberta’s oilsands pumped south for export from the U.S. President Barack Obama did not have very nice things to say about Keystone in his year-end press conference, leading some to believe he’s bent on rejecting it. The lack of a functional pipeline capable of getting the oilsands crude to international markets has held back the price of crude produced there. There’s also massive domestic opposition to homegrown alternatives such as the Energy East Pipeline or Northern Gateway.

  • Elections, At Home And Abroad

    This promises to be a big year for elections around the world, with votes at home and abroad. The Conservatives presided over a Canadian recession that was relatively mild compared to much of the world, but after nearly a decade of Conservative rule, voters could be ready for a change. The U.K. is looking ahead to an election in May. If the U.K.’s Conservative Party wins and follows through with its promise to hold a referendum on EU membership, it would be a further blow to the Eurozone. The U.S. is looking ahead to an election in 2016, and the year before an election in that country has proven to be an often interesting, volatile ride.

  • Sinking Commodity Prices

    Weak demand and a glut of supply are keeping prices of commodities low, and it doesn’t just affect Canada’s oil patch. The mining sector, one of the heaviest hitters on the Toronto Stock Exchange, could see a resulting slowdown in investment in projects and hiring.

  • A Rise In Interest Rates

    The Bank of Canada surprised observers with an interest rate cut in January, but the U.S., and eventually Canada, are on track for interest rate hikes. Consumers — particularly on this side of the border — have continued to pile on debt loads and take out large mortgages in the years of low interest rates. While any hike is expected to be gradual, it could be a shock to some households who are struggling to pay back debt. A higher interest rate could sink more Canadians into bankruptcy and could cause a slowdown in the housing sector, which has propped up Canada’s economy in the years since the recession.

  • Debt Loads, Yet Again

    Economists have been warning consumers for years that debt loads are growing to astronomical levels, and that could be a huge risk if interest rates rise. In Canada, the household debt-to-income ratio rose to a new record high of 162.6 per cent in the most recent quarter. And things are not much better south of the border, where consumer debt is worth a total of $3.2 trillion and where there has been a resurgence in subprime lending, the risky banking practice that helped spark the global economic crisis in 2008.

  • Global Instability And Terrorism

    An increase in terrorism and geopolitical instability doesn’t inspire confidence in investors. Threats from ISIS and other terrorist organizations have dominated headlines in the past year and such political uncertainty could spill over into broader conflicts or destabilize markets.

  • Russia

    Russia’s ruble has sunk by about 40 per cent in the past few weeks, and the country could soon find itself in recession, partly due to Western sanctions over its aggressive behaviour in Ukraine. As a G8 country, it is a large source of demand for Canadian exports. The country already slapped retaliatory sanctions on Canada in 2014 and the lack of trade could hit Canada’s overall trade figures.

  • China

    Chinese growth has been a massive driver of the global economy but is losing momentum, affecting the entire global supply chain. Investors are hoping that China’s GDP growth does not come in worse than the 7-per-cent rate it has predicted. A chain reaction caused by the slowdown in China could be particularly concerning for Canada, which had been protected from the worst of the Great Recession, benefitting from Chinese manufacturing’s demand for commodities. In addition, the unrest in Hong Kong, one of the world’s financial hubs, is not over, posing a risk of more uncertainty in the region.

  • Greece

    That’s right, Greece is still causing Europe, and global markets, some serious headaches five years after its sovereign debt crisis was first brought to light. It is again making headlines as the new year approaches, with legislators rejecting Prime Minister Antonis Samaras’s nomination for president, Stavros Dimas, triggering a snap election. Polls favour anti-austerity candidates, which could see the country pull away from its debt obligations under its bailout plan with the Eurozone, stoking concerns for the rest of the continent, which is already struggling with sky high unemployment and a shaky financial system. A slowdown in Europe would have knock-on consequences for Canada.

  • Tanking Oil Prices

    After five years of relatively stable crude prices, oil prices have dropped nearly 50 per cent since June to their lowest level in five years. The drop is a double-edged sword for the Canadian economy. The IMF says it could boost global economic growth by as much as 0.8 percentage points above the expected 3.8 per cent. It’s also good news for consumers, whose savings at the gas pump could translate into more spending elsewhere. However, if oil continues to hover between $60 to $70 a barrel, it could expose weaknesses in oil-dependent countries and companies and even push some to default on debt obligations. The tanking price is bad for Canada’s oilsands, a major source of domestic economic growth and could push the loonie lower.

  • NEXT: Top 60 High-Demand Jobs In B.C.

  • 60. Industrial Electricians

    2,400 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 59. Mechanical Engineers

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  • 58. Electrical and electronics engineers

    2,400 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 57. Human resources professionals

    2,600 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 56. Plasterers, drywall installers and finishers and lathers

    2,600 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 55. Business development officers, marketing researchers and consultants

    2,600 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 54. Legal administrative assistants

    2,800 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 53. Bakers

    2,900 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 52. Contractors and supervisors, other construction trades, installers, repairers and servicers

    2,900 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 51. Family, marriage and other related counsellors

    2,900 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 50. Executive assistants

    3,000 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 49. Taxi and limousine drivers and chauffeurs

    3,000 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 48. Contractors and supervisors, heavy equipment operator crews

    3,100 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 47. Residential and commercial installers and servicers

    3,100 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 46. Retail sales supervisors

    3,200 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 45. Social workers

    3,300 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 44. Program leaders and instructors in recreation, sport and fitness

    3,300 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 43. Police officers (except commissioned)

    3,400 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 42. Purchasing agents and officers

    3,400 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 41. Professional occupations in advertising, marketing & public relations

    3,400 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 40. Civil engineers

    3,500 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 39. Computer programmers and interactive media developers

    3,600 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 38. Plumbers

    3,700 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 37. Facility operation and maintenance managers

    3,800 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 36. Chefs

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  • 35. Senior managers – financial, communications and other business services

    4,000 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 34. Professional occupations in business management consulting

    4,200 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 33. Home building and renovation managers

    4,200 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 32. Heavy-duty equipment mechanics

    4,200 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 31. Delivery and courier service drivers

    4,300 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 30. Home child care providers

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  • 29. Painters and decorators (except interior decorators)

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  • 28. Senior managers - construction, transportation, production and utilities

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  • 27. University professors and lecturers

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  • 24. Lawyers

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  • 22. Welders and related machine operators

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  • 21. College and other vocational instructors

    6,900 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 20. Restaurant and food service managers

    7,000 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 19. Electricians (except industrial and power system)

    7,400 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 18. Material handlers

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  • 17. Security guards and related security service occupations

    7,700 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 16. Food and beverage servers

    7,800 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 15. Accounting and related clerks

    7,800 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 14. Heavy equipment operators (except crane)

    8,000 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 13. Construction managers

    8,400 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 12. Early childhood educators and assistants

    9,100 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 11. Social and community service workers

    10,100 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 10. Cooks

    10,200 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 9. Accounting technicians and bookkeepers

    12,400 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 8. Receptionists

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  • 7. Financial auditors and accountants

    13,500 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 6. General office support workers

    14,600 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 5. Carpenters

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  • 4. Administrative officers

    17,500 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 3. Administrative assistants

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  • 2. Transport truck drivers

    18,000 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • 1. Retail salespersons

    32,700 B.C. job openings to 2022 Source: WorkBC 2022 Labour Market Outlook

  • VANCOUVER — A two day marijuana exhibition in Vancouver is giving people an idea of just how large and varied Canada’s cannabis industry has become — and where it could grow next.

    More than 100 businesses set up booths to showcase their wares at the event, but not a single cloud of smoke could be seen in the massive hall.

    The expo is helping to break down stereotypes and prove that there’s a credible side to the industry, said Natasha Raey, spokeswoman for Lift Cannabis Co., which put on the show.

    “It’s not just someone selling bud out of a ziploc bag anymore. You’re seeing real brand development. The industry is growing up,” she said.

    A variety of wares were available throughout the hall. Among the booths selling seeds and growing equipment were some potentially unexpected exhibitors, including a firm that provides financing for marijuana-related businesses.

    “As we’ve moved closer to legalization, we’ve seen a more corporate side of the industry come about. … You’re seeing more businesses get interested and say ‘How can I be part of this industry that’s going to be huge?”‘ Raey said.

    There has been extreme growth in the marijuana business over the past few years, said Matt Christopherson, who works for Keirton, a company in Surrey, B.C., that makes automatic marijuana trimmers used in large-scale marijuana production facilities.

    “It’s no longer Mom and Pop. There’s a lot of money coming into this industry that legitimizes everything,” he said.

    As the industry grows, the stigma traditionally associated with marijuana begins to fall away, Christopherson added.

    THE CANADIAN PRESS/Ron Ward

    “It’s no longer Mom and Pop”

    “There’s a lot of people who are capitalists and they see this as an emerging market, one of the fastest growing sectors in the world.”

    Working within the industry has become easier in recent years because more data has become available, said Scott Wilkins, an independent insurance agent who has spent the last eight years providing policies for people who grow marijuana.

    Wilkins said his work began when a man with a Health Canada license approached him looking to get insurance so he could rent a commercial building, which was incredibly difficult at the time.

    Now Wilkins said he has more than 800 clients, including big companies licensed by the federal government. And he expects his business to continue growing as the federal government moves toward legalizing marijuana for recreational use.

    Health Minister Jane Philpott announced in April that legislation for legalization would be introduced next spring, and in June, the federal government launched a task force to study how regulation could work.

    The new laws will likely grow the industry across the country, but Wilkins said he hopes the task force takes a thoughtful approach.

    “Hopefully the task force listens and puts together something that serves not just the big guys, not just the small guys, but everybody,” he said.

    Legalization could mean new business opportunities, but what those opportunities may be still remains unclear.

    Ray Gracewood is the chief commercial officer for Organigram, a company based in Moncton, N.B., that is licensed to grow and sell medical marijuana.

    Currently, Organigram sells their organic marijuana directly to patients across the country and delivers the product by mail.

    Gracewood believes there will always be a place for that kind of business in Canada’s medical marijuana industry, but he said the company is looking at what other channels may come up when new laws are in place.

    At the end of the day, business decisions on how to sell product will be based on what regulations both the federal and provincial governments put in place, he said.

    “I think that there’s lots of opportunity out there for all sorts of businesses from different perspectives,” Gracewood said. “But for us, it’s more of a macro idea, communicating to the general public and to the business community as well, that there’s huge opportunity and there’s nothing to be scared of.”

    Canadian Press

    Canada’s PM Trudeau arrives to deliver a statement on
    Parliament Hill in Ottawa
    Thomson
    Reuters

    Canadian Prime Minister Justin Trudeau has enjoyed remarkably
    strong opinion poll numbers since wi…

    Auto Talks: Unifor’s contract with the Detroit Three automakers expires Monday night. The union, which represents about 23,000 auto workers in Canada, has set its sights on General Motors as it tries to secure more production at the automaker’s plant …

    Auto Talks: Unifor’s contract with the Detroit Three automakers expires Monday night. The union, which represents about 23,000 auto workers in Canada, has set its sights on General Motors as it tries to secure more production at the automaker’s plant …

    BERLIN –  Thousands of people are rallying in cities across Germany to protest against planned European Union trade deals with the United States and Canada.

    Opponents say the Trans-Atlantic Trade and Investment Partnership being negotiated between the U.S. and the EU would undermine European environmental standards and consumer rights.

    Protesters gathered in Berlin, Hamburg, Cologne and Frankfurt on Saturday may have felt emboldened by Germany’s economy minister, who declared last month that the TTIP talks had “de facto failed, even though nobody is really admitting it.” His assertion was swiftly rejected by officials in Washington and Brussels.

    Negotiations for a similar deal with Canada have progressed further, although France, Germany and Austria have voiced lingering concerns.

    Backers say such trade deals would boost the global economy.

    Canadian household debt ratios hit a record high over the spring, according to new figures released Thursday by Statistics Canada.

    The ratio of household credit market debt to disposable income rose from 165.2 per cent in the first quarter of the year to 167.6 per cent in the second quarter. 

    That means households held $1.68 in credit market debt for every dollar of disposable income, Statistics Canada said.

    CANADIAN HOUSEHOLD DEBT RATIO

    The figures show that in the April-June quarter, Canadians’ total household credit market debt — which includes consumer credit, and mortgage and non-mortgage loans — rose by two per cent, while disposable income increased by a weaker-than-normal 0.5 per cent.

    BMO Capital Markets said the increase in the household debt ratio is consistent with the seasonal trend, as the second quarter is the strongest period for housing markets and mortgage debt growth. 

    MARKETS-CANADA/CURRENCY

    BMO Capital Markets says the upward trend in household debt goes back for the 26 years for which it has records and is showing no signs of slowing down. (Mark Blinch/Reuters)

    BMO also said the upward trend in household debt goes back for the 26 years for which it has records and is showing no signs of slowing down.

    “While it looks as though the Vancouver housing market is cooling after the foreign buyers’ tax was implemented, the Toronto market remains very strong, and others are showing signs of improving as well,” said BMO senior economist Benjamin Reitzes 

    In a series of tweets, another economist took a different perspective and called debt-to-income misleading, as it ignores accumulated wealth. Trevor Tombe, an assistant professor of economics at the University of Calgary, said household debt is about 17 per cent of total assets, and that Canadian households have about $3 in financial assets per $1 of debt.

    Statistics Canada said household net worth at market value was up 1.9 per cent in the second quarter to about $9.84 trillion. On a per capita basis, household net worth was $271,300.

    The rise in net worth was chiefly due to gain of 2.2 per cent gain in the value of non-financial assets, mainly real estate, which increased on higher prices. Financial assets grew 1.7 per cent on stronger domestic and foreign securities markets. 

    Meanwhile, total credit market debt climbed above $1.97 trillion at the end of the second quarter. Consumer credit was $585.8 billion, while mortgage debt stood at $1.29 trillion.

    Canadian household debt ratios hit a record high over the spring, according to new figures released Thursday by Statistics Canada.

    The ratio of household credit market debt to disposable income rose from 165.2 per cent in the first quarter of the year to 167.6 per cent in the second quarter. 

    That means households held $1.68 in credit market debt for every dollar of disposable income, Statistics Canada said.

    CANADIAN HOUSEHOLD DEBT RATIO

    The figures show that in the April-June quarter, Canadians’ total household credit market debt — which includes consumer credit, and mortgage and non-mortgage loans — rose by two per cent, while disposable income increased by a weaker-than-normal 0.5 per cent.

    BMO Capital Markets said the increase in the household debt ratio is consistent with the seasonal trend, as the second quarter is the strongest period for housing markets and mortgage debt growth. 

    MARKETS-CANADA/CURRENCY

    BMO Capital Markets says the upward trend in household debt goes back for the 26 years for which it has records and is showing no signs of slowing down. (Mark Blinch/Reuters)

    BMO also said the upward trend in household debt goes back for the 26 years for which it has records and is showing no signs of slowing down.

    “While it looks as though the Vancouver housing market is cooling after the foreign buyers’ tax was implemented, the Toronto market remains very strong, and others are showing signs of improving as well,” said BMO senior economist Benjamin Reitzes 

    In a series of tweets, another economist took a different perspective and called debt-to-income misleading, as it ignores accumulated wealth. Trevor Tombe, an assistant professor of economics at the University of Calgary, said household debt is about 17 per cent of total assets, and that Canadian households have about $3 in financial assets per $1 of debt.

    Statistics Canada said household net worth at market value was up 1.9 per cent in the second quarter to about $9.84 trillion. On a per capita basis, household net worth was $271,300.

    The rise in net worth was chiefly due to gain of 2.2 per cent gain in the value of non-financial assets, mainly real estate, which increased on higher prices. Financial assets grew 1.7 per cent on stronger domestic and foreign securities markets. 

    Meanwhile, total credit market debt climbed above $1.97 trillion at the end of the second quarter. Consumer credit was $585.8 billion, while mortgage debt stood at $1.29 trillion.

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