Manitoba consumer debt picks up pace: Equifax

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This article was published 18/08/2025 (220 days ago), so information in it may no longer be current.

Consumer debt is lowest in Manitoba but is increasing at a faster pace than most regions of Canada, according to new data from Equifax.

The average Manitoban held $18,487 of non-mortgage debt last spring, per the consumer credit reporting agency. It’s a 3.48 per cent jump from the debt calculated during 2024’s second quarter.

Only Prince Edward Island has logged a larger year-over-year debt change (at 3.57 per cent) among provinces.

Manitoba’s near-top position likely results from its relatively low numbers, noted Rebecca Oakes, Equifax Canada vice-president of advanced analytics. The credit reporting agency tracked an average Canadian consumer debt of $22,147 — a 2.3 per cent year-over-year increase.

Newfoundland topped the list for most debt; an average consumer held $25,174.

Auto loan balances rose last quarter, Oakes said. Some Canadians bought vehicles early this year to avoid predicted price increases; tariffs have since hit the industry on both Canadian and American sides of the border.

“We’re also now starting to see prices going up a little bit,” Oakes said.

She’s clocked a “widening financial gap” whereby young adult shoppers are missing more payments.

Nationally, the average non-mortgage debt for people under the age of 36 is $14,304. It’s a two per cent jump from 2024’s second quarter.

The group’s non-mortgage delinquency rate — tracked when people miss three or more consecutive monthly payments — jumped 19.7 per cent year over, to 2.35 per cent.

The trend could be spilling into Manitoba, Oakes said.

“Younger consumers, we’re still seeing unemployment levels rising,” she said, pointing to recent Statistics Canada figures.

The national agency tracked a 14.2 per cent youth unemployment rate in June, up 0.7 per cent from the previous year. The average youth unemployment rate was 10.8 per cent from 2017 to 2019, pre-COVID-19 pandemic.

Meantime, food prices and other essential goods remain inflated. The combination of unemployment and higher prices likely contribute to missed payments, Oakes speculated.

Manitoba’s non-mortgage delinquency rate was 1.71 per cent in the second quarter of 2025. It’s a 3.81 per cent year-over-year increase, far below Canada’s average increase of 14.31 per cent. The national delinquency rate sat at 1.6 per cent during the second quarter.

gabrielle.piche@winnipegfreepress.com