What are the Average Credit Scores in Places Across Canada?

  • Wondering how you stand against others in the country who might be in worse or better credit standing compared to you?
  • Want to know where to go to be around financially stable individuals who have smart money-making decisions?

We’ve compiled a list of where you could go to find the higher (and lower) credit scores throughout Canada, and it can shed some light on where you stand with yours.

It is important to note that Canadian’s scores are increasing and have been with time. It is still not as high as it should be, especially for Canada’s new homebuyer’s test including the credit score background the homeowner must have.

The app Borrowell says that Canadians have an average score of 648, which is up from 644 from just the year before, so it is moving, though slowly. Even though this falls into the “low” category, this might be too low to obtain a mortgage or the insurance that goes on it. There are ways to get around this, though, even if your credit score is lower than what the government is asking it to be for a mortgage.

The threshold of 680 is the new norm for Canadians looking to purchase homes, and it looks like one city in Canada is just going to meet this cut off with their average score.

Find out more about the cities and their average credit score to find out where you stand against those who might be in the same city or in neighboring cities from yours. If you still have a low credit score, don’t panic. You can work on bringing the score up before applying for any loans.

Whitehorse, Yukon

This is the worst on the major city list for credit scores, with the average score being just 619. It might be impossible to get a loan with a credit score this low, which is something worth thinking about if you’re down in this area.

Many lenders require that a person has at least a 650 score to obtain a loan from any institution. You might even have to look at other lenders who are giving higher interest rates rather than those offering higher advantage ones.

Charlottetown, Prince Edward Island

Charlottetown has brought this amount up for a credit score, with their average being 636. They do have a decent amount of debt issues like the rest of the country, but they don’t seem to have as severe ones.

Many people in this area are behind on their payments, and due to the recent health scare; this is not surprising with many provinces throughout the country. People are just now catching up on everything.

This was also the only province to improve their delinquency rate over the course of a year.

Brampton, Ontario

This is a city that has their credit scores a bit higher than the other two, coming in at 646. They have grown over the past decade, and many individuals moving to the area are coming with higher than good credit scores.

This area is where the residents pay more in their housing than other provinces in the area, as well. This could make up the difference from good credit to great credit.

Ottawa, Ontario

Ontario is the place to go, and when it comes to their credit, they do really well with an average of 663. Ontario also surged on home prices in the recent years, which is causing a lot of the residents to up their credit score game.

They have a considerably lower delinquency rate than the other provinces throughout Canada.

Quebec City, Quebec

La Belle Province’s capital has an average credit score of 676, making them a higher average than other provinces throughout Canada. The new rules on credit cards for this area made a lot of the individuals pay down their debt a lot faster, giving them more reason to.

The new change, being 5% of the card amount as a payment every month, instead of 2% is helping Canadians pay down their debt a lot faster than not.

Vancouver, British Columbia

Vancouver has the highest credit score average, coming in at 687, which is a high number compared to the 619 above. They do have a hefty debt load, as does a lot of cities, but they seem to be paying down their debt on time, every time, and being able to pay their bills, at the same time.

These individuals are saving on interest because they have higher credit scores, but they are also keeping up on the specifics that come from the credit scores and the loans they have out.

Wherever you live throughout Canada, you can be sure that you’re taking advantage of the many credits monitoring and help services for the area. This way, you can keep your credit score high and your debt low while reaching for financial freedom.

Frequently Asked Questions About Average Credit Scores in Places Across Canada

Where does my score stand in all of this?

If you’re unsure of where your credit stands, there are a number of apps that you can use to your advantage to find out not just your score, but also what might be happening on it. This way, you can make the necessary changes needed.

Will checking my score impact my credit?

No, when you are checking out your score on one of these apps, you don’t have to worry about your credit score dropping because of it. This is because they do a soft credit pull and are not pulling everything or the details from it.

Do the average credit scores throughout Canada have any effect on me or my credit score?

No. These averages are just numbers that were collected for you to learn more about the credit scores in the area. Your credit score might be counted in this data, but it does not affect you or your credit score it in any way, allowing you to continue to do what you need to do to boost your credit score.

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Amanda Leach

Fifteen years can be a long time to work in one industry, but not when you are doing something that you love. Amanda has enjoyed the freedom of working as a freelance writer for the majority of her career. She has successfully combined her passion and skill for writing while still enjoying a life filled with travel, learning and exciting new experiences. While she loves exploring all different types of writing, her PhD in Consumer Psychology has made her a sought after writer for marketing, business and technology fields. Amanda is a regular contributor to Smarter Loans.