Statistics Canada reports increase in Canadians' debt to income ratio

Canadians owe $1.67 in debt for every dollar of disposable income according to Statistics Canada.

The department says the debt to income ratio climbed to a new high of 167.3 per cent while Canadian households owed a little over $2 trillion at the end of 2016.

$1.3 trillion of that is mortgage debt with the remainder pegged as consumer debt like credit cards.

But Stats Canada says Canadians are saving a bit more, noting that rate climbed to 5.8 per cent up 0.3 per cent.

(with files from the Canadian Press)