A Statistics Canada study released October 28 reports that established immigrant families carried more average debt in 2023 than comparable Canadian-born families, with most borrowing tied to mortgages. The researchers caution that higher asset-backed borrowing does not necessarily mean greater financial distress.
A significant gap in average borrowing
Statistics Canada and Immigration, Refugees and Citizenship Canada examined the indebtedness of immigrant and Canadian-born families in a study released October 28. Among established immigrant families aged 35 to 64, average debt in 2023 was $287,300, compared with $173,100 among Canadian-born families in the same age group. These are group averages, not typical balances for every household, and refer to the 2023 financial picture rather than current 2026 mortgage balances.
Mortgages account for much of the difference
The study found that mortgages accounted for 86% of the debt carried by established immigrant families in the group examined. Home-equity lines of credit were another 5%, while vehicle loans and credit cards each accounted for roughly 2%. The composition matters because mortgage debt generally finances a housing asset, whereas unsecured borrowing may reflect different financial pressures. The study does not say all households with large mortgages are financially secure.
Recent immigrant families show a smaller gap
Among families of recent immigrants aged 25 to 44, average debt stood at $215,700 in 2023. The comparable average for Canadian-born families was $189,300, a difference of approximately $26,000. Mortgages accounted for 89% of recent immigrant debt in that age bracket, according to the study. Researchers associated much of the borrowing with exposure to high-cost housing markets and home purchases.
Why indebtedness is not the whole housing story
A household's debt level alone cannot establish its financial vulnerability. Home equity, income, debt-service costs, interest rates and other obligations also matter. Statistics Canada's summary said the immigrant households examined displayed limited signs of greater financial stress despite their higher average borrowing. That conclusion is specific to the study's measured populations and period; it is not a claim that higher mortgage rates or housing affordability pose no risks.
Sources & transparency
Statistics Canada — Economic and Social Reports, October 28, 2026Original CDN News coverage. Sources are linked for reference.
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