, the Country’s Leading Private Mortgage Provider, Weighs in on Record Canadian Household Debt

Toronto, Canada, January 12, 2016 – , the leading low-cost, private mortgage solution provider in the country, reacts to data showing Canadian household debt has risen to record levels. also weighs in on near-record low interest rates and why it’s a great time to refinance or consolidate debt.

According to recently released data from Statistics Canada, Canadian household debt (compared to income) set a new record in the third quarter as the rate of borrowing outpaced the growth in disposable income. Leverage was measured by household credit market debt to income and was found to have increased from 162.7% in the second quarter to 163.7% in the third quarter. The household credit market debt includes consumer credit, mortgages, and other loans. (Source: “National balance sheet and financial flow accounts, third quarter 2015,” Statistics Canada, December 14, 2015;

“This represents the second quarter in a row that this measure has increased and it is not an insignificant number,” says Bob Aggarwal, president of “What this data means is that for every dollar that a Canadian earns, they owe roughly $1.64 of disposable income to banks, credit card companies, and other lenders,”

Aggarwal explains that for whatever reason, Canadians can become overwhelmed with debt, whether it’s from a lost job, unexpected expenses, or overspending during the holidays. These debt levels can put even more stress on daily finances should interest rates start to rise.

“Those overwhelmed with debt can overcome the day-to-day stresses through debt consolidation . Doing so can help Canadian consumers consolidate several debts into one easy payment,” Aggarwal adds. “They could also refinance a first or second mortgage into a single monthly payment with one interest rate, which will be significantly lower than what credit cards charge. And with interest rates still near record low, now is the perfect time to take advantage of the equity built up in the home.” is one of the largest, most trusted private mortgage brokers in Canada, with skilled independent, licensed professionals helping Canadians coast to coast. provides its clients with residential and commercial mortgages, home equity credit , debt consolidation, and addressing financing concerns.

Bob Aggarwal

Mr. Aggarwal was one of the original founders of, one of the largest volume Mortgage Brokerage houses in Canada. Mr. Aggarwal has over 12 years of experience in Brokerage and Lending in the small and medium business sector, as well as experience and expertise in the residential housing market. Since the inception of, Mr. Aggarwal has been instrumental in developing the operating platforms, and policies and procedures which have guided the organization to date.


Apply Online in 60 Seconds & Get Approved Now!

Please note * are required fields

Loan Details

*Purpose of Loan
* Do you currently own a home?    Yes   No

Personal Details

*First Name
*Last Name
*Date of Birth
*Email Address
*Current Address
*Select Province
*Postal Code
*Residential Status
*Home Phone
Cell Phone


Preferred Agent
*Please tell us where you heard about us?

Sign Up for Free Promotions*

Would you like to sign up for FREE newsletters, offers and special promotions from CanadaLend? You may later unsubscribe.


Terms & Conditions

I Agree

We respect your privacy

Please note, if necessary, we may require further information from you to process your application. By clicking "Apply Now" you are consenting to receive future such e-mails from us with regards to your application.

* Your consent is sought by 675 Cochrane Dr, #104, West Tower, Markham, ON L3R 0B8