Black Press file photo Black Press file photo

Kelownians ‘living large’ with high debt-to-income ratio

Kelowna’s debt-to-income ratio is around 150 per cent, similar to Victoria

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.

READ MORE: British Columbians still getting deeper in debt

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.


@connortrembley
connor.trembley@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

No appointment needed: COVID-19 testing access expanded in Kelowna

First-come, first-serve testing centre opens in downtown Kelowna

Senior ‘seriously injured’ after Kelowna bus crash

A Ford E350 van collided with a BC Transit Bus on KLO Road on Friday, July 31

COSAR attends one search and two rescues over long weekend

Teams searched for a missing cliff jumper, were called out to a sinking boat and an injured ATVer

B.C. records 146 new COVID-19 cases through long weekend

More that 28 people tested positive for the virus each day since Friday

Alberta to require masks at schools this fall, but still no mandate in B.C.

B.C. students are also set to return to classrooms in September

UPDATE: Water bombers attack wildfire north of Sicamous above Shuswap Lake

Wildfire BC reports fire is still classified out of control, 25 personnel on ground

First degree murder charges for North Okanagan woman

59-year-old woman charged in Round Lake suspicious death incident

Splatsin Elder struggles to stop tubers from accessing his private property

Nathan Kinbasket has a certificate of possession on the area

B.C. to allow customers to buy cannabis online for in-store pickup at private shops

Age verification will still be required inside the store

Paper mache Dr. Bonnie Henry stars in North Okanagan exhibit

Beyond the Mask art show kicks off in Village of Lumby

MP Gray: In your service

Kelowna-Lake Country MP Tracy Gray’s column

Shuswap pet nutritionist and raw diet advocate to be in national magazine

Sicamous’s Deanna Larocque building reputation for canine support

Most Read