Do you know what your credit score currently is? Your credit score is an important number that can affect your ability to access future credit products, rentals, and jobs. Whether you have good or bad credit, have you ever wondered how your credit score compares to others in Canada?
While data regarding the average credit score in Canada is fairly limited, here’s what we know.
Key Points
- The average credit scores vary slightly among different provinces and cities, with Ontario boasting some of the highest scores in the country.
- Age also plays a role in average credit scores, as mature Canadians tend to have higher scores than younger adults.
What Is The Average Credit Score In Canada?
According to a study by Borrowell, the average Canadian credit score was 672, as of 2022.
According to the Fair Issac Corporation (FICO), as of April 2023, the average FICO Score based on the FICO® Score in Canada is 762.
| What Is A FICO Score? FICO Scores are credit scores that have been calculated using the credit scoring tool called FICO® Score. |
Why Are The Average Credit Scores In Canada So Different?
In Canada, one person may have multiple different credit scores, which vary based on the credit scoring model used and the information available at each credit bureau.
How Has The Average Credit Score In Canada Changed?
According to FICO, the average FICO Score based on their FICO® Score (credit scoring tool) has slowly been rising since the pandemic. In fact, the average FICO® Score increased by 9 points since 2020, from 753 to 762.
| 2020 | 2021 | 2022 | 2023 |
| 753 | 761 | 762 | 762 |
What Percentage Of Canadians Have A High Credit Score?
In Canada, credit scores range from 300 to 900. The closer your credit score is to 900, the better, as you’ll appear less risky to lenders and creditors. However, what’s considered good or bad varies by lender. According to Equifax, credit scores above 660 are considered ‘good’ to excellent.
- Excellent Credit: Scores of 760+
- Very Good Credit: Scores between 725 – 759
- Good Credit: Scores between 660 – 724
- Fair Credit: Scored between 560 – 659
- Poor Credit: Scores between 300 – 559
According to a report from FICO, data shows:
- 4.3% of Canadians have a 300 – 549 FICO® Score which falls in the poor credit score range. .
- 85.5% of Canadians have a 750 – 900 FICO® Score which falls in the ‘good’ to excellent credit score range.
Note: These credit scores are based on the credit scoring tool: FICO® Score
What Are The Average Credit Scores In Canada By Province
Interestingly, average credit scores vary from province to province and even city to city, albeit by only a small margin.
Based on the study by Borrowell, below is a list of the cities in Canada with the highest credit scores.
| Ontario | Markham – 720 Toronto – 696 Mississauga – 695 Ottawa – 688 Kitchener – 679 Brampton – 675 Hamilton – 660 |
| British Columbia | Vancouver – 705 Victoria – 694 Surrey – 675 |
| Quebec | Montreal – 687 Quebec City – 683 Laval – 679 Gatineau – 663 |
| Alberta | Calgary – 667 Edmonton – 649 |
| Nova Scotia | Halifax – 664 |
| Manitoba | Winnipeg – 661 |
| Saskatchewan | Regina – 659 Saskatoon – 656 |
| New Brunswick | Fredericton – 658 Moncton – 640 |
Of the cities mentioned, Markham and Vancouver had the highest credit scores (720 and 705 respectively), and Moncton, NB had the lowest credit score of 640.
What Can Affect Your Credit Scores In Canada?
There are different scoring models used to calculate credit scores in Canada. That said, the following factors are used in most scoring models to determine your credit score:
- Payment History – Your payment history, including on-time and missed payments, makes up roughly 35% of your credit scores. If you do have missed payments on record, scoring models may also look at the details of such payments, including how late they were, how much you owed, and how often you missed payments.
- Credit Utilization Ratio – The amount of revolving credit you used versus how much you have is another common factor that is taken into consideration. Most lenders like to see a debt-to-credit ratio of 30% or below.
- Credit History – Credit history typically accounts for around 15% of your credit scores. The longer you’ve had your accounts open, the more positively it may affect your credit.
- New inquiries – Every time a potential lender or creditor pulls your credit, your credit scores may drop a few points. Too many pulls within a short period of time can have a more severe impact on your score. This factor usually contributes roughly 10% of your credit score calculation.
- Public Records – If you have any bankruptcies, liens, debts in collections or other derogatory remarks, it can also impact your credit score calculations. About 10% of your credit score calculation is based on public records.
Does Age Impact Your Credit Score In Canada?
Age seems to make a difference in average credit scores. According to Equifax, Canada’s second credit reporting bureau, the highest percentage of Canadian citizens with a credit score of 750 and higher are in the 65 and older age group. On the other hand, the highest percentage of Canadians with a score of 520 and under are in the 25 and younger age group.
There are a few reasons why older adults tend to have higher credit scores:
- They’ve had more time to develop their credit history. As mentioned, your credit age generally accounts for bout 15% of your credit score calculation. As such, a 65-year-old will have decades of credit history compared to a 25-year-old who may just be starting to establish a credit profile.
- They’ve developed better financial habits. Generally speaking, older adults tend to have better payment behaviours. Young adults, on the other hand, are more likely to make irresponsible financial decisions that may negatively affect their credit scores.
- They earn a higher income. Older adults have had a lot more time to establish their careers and climb the earnings ladder. With more income comes a better ability to manage bill payments. They may also be better able to pay down the debts they’ve accumulated over the years.
How Debt Can Affect Credit Scores In Canada?
Debt can play a role in the health of your credit score, especially if you’re unable to make bill payments on time. Your debt can also impact your credit score in terms of revolving credit. In this case, spending over 30% on credit can negatively impact your credit, while keeping your credit utilization ratio under the 30% mark can be beneficial for your credit score.
Given this, it makes sense that the average debt level of the citizens of each province could also affect the average credit score by province.
Below is a list of the average individual consumer debt load (non-mortgage) Canadians have by province, according to recent data collected by Equifax for Q1 2024, compared to figures from 2019:
| Province | Average Individual Consumer Debt (Non-Mortgage) Q1 2024 | Average Individual Consumer Debt (Non-Mortgage) 2019 |
| British Columbia | $21,902 | $24,854 |
| Alberta | $24,157 | $29,117 |
| Saskatchewan | $22,558 | $24,853 |
| Manitoba | $17,527 | $18,815 |
| Ontario | $21,869 | $24,032 |
| Quebec | $18,562 | $19,410 |
| New Brunswick | $20,900 | $23,467 |
| Nova Scotia | $20,751 | $22,546 |
| Prince Edward Island | $22,774 | $23,043 |
| Newfoundland | $23,812 | $23,778 |
Among all provinces, Alberta ranks at the top of the list for the most non-mortgage consumer debt, while Manitoba residents carry the least.
Interestingly, all provinces except Newfoundland showed a decrease in non-mortgage consumer debt, though the difference in Newfoundland over the 5-year period is minimal.
Do You Know What Your Credit Score Is?
All Canadians should check their credit (scores and reports) at least once a year, not only just to know what their credit is, but to avoid becoming the victim of identity theft.
You can use any of the following to check your credit score for free:
| Cost | Credit Score | Credit Report | ||
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | Visit Site |
 | Free | Yes | Yes | - |
Keep in mind that when it comes to checking your credit with one of the above third-party providers or directly from a credit bureau, you’re only getting one of your credit scores. In general, you’ll have more than one credit score because there are different credit scoring models.
Final Thoughts
Regularly monitoring your credit score is important to understand your creditworthiness and the financial products available to you. If you’re curious, you may want to know how your credit stacks up to Canadians across other provinces. Regardless, having strong credit is important. If you find your score is a little low, take steps today to fix it in order to have more financial opportunities available to you in the future.
