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Shawn Jeffords

Household debt still on the rise in Ontario

TORONTO—Rising interest rates could have a “significant” impact on Ontario's economy as the already ballooning household debt is projected to continue to grow, the province's fiscal watchdog warns.

The Financial Accountability Office said in a report released Tuesday that an average Ontario household owed nearly $154,000 in 2016, up from $119,000 in 2010.