Canadian households owe more debt relative to their income than they did in the fourth quarter of 2022 amid soaring mortgage interest payments, Statistics Canada data released Wednesday shows.

According to the federal agency, household debt as a ratio to disposable income rose to 184.5 per cent in the first quarter of 2023, up from 181.7 per cent in the fourth quarter of 2022. That means for every dollar of disposable income, the average household owes about $1.85 in credit market debt, which includes consumer credit and mortgage and non-mortgage loans.

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