A new financial report suggests many Kelowna residents are stretched to their limits.
Published by Prosper Canada and Canadian Council on Social Development, the report found Kelowna was one of several B.C. cities that has an above-average debt-to-income ratio.
According to the report, Kelowna’s debt-to-income ratio is around 150 per cent, which is on-par with other Canadian cities like Victoria and Toronto.
Despite the high debt levels, the report said the lifestyle that many Kelownians are enjoying is sustainable for now.
“City’s like Kelowna can be characterized as ‘living large’ with high income, high wealth, but also high debt relative to the national average,” said the report.
“These communities carry sizable mortgages and credit card balances, but most households have the financial resources to manage their debt loads.”
Other highlights from the report showed Kelowna places in the top eight Canadian cities for having above average household real-estate assets.
To view the full report, you can visit Exchange Magazine’s website.