Canadians may be in debt but new numbers released by The Canada Mortgage and Housing Corporation and Equifax show we’re paying our bills – and on time.

Delinquency rates remain low and the average credit scores remain strong.

Victoria residents have the highest scores on average at 780, followed closely by Vancouverites at 776.

"B.C.-wide the economy has been very strong over the past few years," said Eric Bond of the CMHC.

Another reason for our strong showing: you just need good credit to buy in British Columbia.

"When houses are more expensive, you have to take out a larger loan, and it's only people who have higher scores who can qualify to take out larger loans," added Bond.

Credit scores help lenders predict who will pay back loans, and who might default. They range from 300 to 900 and anything above 750 is considered good credit. Lower scores might means a borrower needs a co-signer and may have to pay higher interest rates.


"The best way to improve your credit score is to make your payments on time each and every month," said The Credit Counselling Society’s Greg Norris.

Consumers should also avoid using all their approved credit on charge cards and lines of credit.

"If you're using your credit up to you maximums that does actually lower your credit scores," advised Norris.

Here are how other Canadian cities fared:

  1. Victoria 780
  2. Vancouver 776
  3. Calgary 765
  4. Edmonton 760
  5. Regina 759
  6. Winnipeg 765
  7. Toronto 774
  8. Montreal 769
  9. St John’s 761