Average Credit Score by Province in Canada
Modern consumers seek to have good credit scores as lending institutions and most employers tend to favour and approve the applications of creditworthy individuals.
That’s why “What’s the average Canadian credit score?” is such an important question, as it reveals your borrowing power by comparing you to your compatriots.
However, since the creditworthiness of the Canadian spender varies from province to province, this article looks at the average credit score by province in Canada.
Keep on reading to find out more!
What Is a Credit Score?
Credit scores are three-digit numbers derived and based upon the information contained in your credit report—a document compiled by the country’s credit bureaus, which collect, store, analyze, and share your credit history with all relevant parties.
Since your credit score indicates how well you manage credit, it is the most important factor considered when applying for credit with financial institutions such as standard banks, mortgage lenders, credit card unions, and even car dealers.
Moreover, the interest rates and loan terms available to you will be adjusted based on your credit score—the better the score, the less you pay down the line.
What’s the Average Credit Score in Canada?
Pinpointing the average credit score nationwide is difficult since it regularly fluctuates, especially from province to province. That said, the major credit bureaus and institutions have calculated that the average credit score ranges between 650 and 660, which is right at the start of the ‘Good’ band on the standard 300 to 900 scale.
However, Borrowell’s 2022 research revealed that the average credit score of its members was 672, which is a jump of 5 points from their 2021 findings (667).
That said, most lenders may require you to be at or above the average national credit score to access their financial products. However, even if you are eligible for most loans, you will not get the best terms and rates with a credit score of 650–660.
Why Consider Credit Scores by Province?
Looking at the average credit scores of the separate Canadian provinces and territories tells you more about your creditworthiness as they offer different financial opportunities and hurdles. For instance, while the average 657 may prove enough in Alberta, some loans may be unavailable to you in British Columbia as the average there is 30 points higher.
Therefore, let’s look at the average credit scores in 24 major Canadian cities, as revealed by a 2022 Borrowell survey—a major fintech company offering free credit scores.
| Province | Average Credit Score |
| Ontario | Markham—720
Toronto—696 Mississauga—695 Ottawa—688 Kitchener—679 Brampton—675 London—672 Hamilton—660 |
| Quebec | Montreal—687
Quebec City—683 Laval—679 Gatineau—663 |
| British Columbia | Vancouver—705
Burnaby—700 Victoria—694 Surrey—675 |
| Alberta | Calgary—667
Edmonton—649 |
| Saskatchewan | Regina—659
Saskatoon—656 |
| New Brunswick | Fredericton—658
Moncton—640 |
| Nova Scotia | Halifax—664 |
| Manitoba | Winnipeg—661 |
By studying the table, we can somewhat deduce the average credit scores in the country’s largest provinces. That said, take the following averages with a dose of doubt since we don’t have access to data covering multiple cities across all Canadian territories:
- Ontario—685.6
- Quebec—678
- British Columbia—693.5
- Alberta—658
- Saskatchewan—657.5
- New Brunswick—649
- Nova Scotia—664
- Manitoba—661
As you can see, residents of British Columbia have scores averaging over 693. However, Ontario (685.6) and Quebec (678) are pretty close behind. Understandable, really: they are the three wealthiest provinces within the country.
Why Are Scores Different Between Provinces?
So, why do we see different numbers across different provinces? Needless to say, your living location has an impact on your finances since each region comes with different economic circumstances, opportunities, and challenges.
For instance, as the most developed Canadian province, Ontario offers more opportunities for high-paying jobs, thus, better liquidity to meet your loan obligations. However, the cost of living is also higher, which strains your finances.
Other factors contributing to the score differences between regions include
- Discrepancies in regulations—different provinces may apply slightly different laws and regulations regarding credit calculations;
- Availability of lenders—bigger and richer provinces have more lenders, meaning there’s fiercer competition that leads to more and better loan products, which in turn affects how people manage their credit;
- Different reporting practices—separate provinces may enforce somewhat different regulations regarding the data reporting practices of the country’s credit bureaus, which may also pull from different data sources;
Remember, after looking up your credit score online, you should compare it to the average of the city in which you live so you know what loan options are available to you.
Wrapping Up
By reviewing the average credit score by province in Canada, consumers learn more about the living conditions, lender behaviour, and financial opportunities of other regions. Both creditors and debtors could use this information before making big financial decisions.
For instance, residents looking to get a home loan may be unable to do it with a below-average credit score in a richer province, so they may decide to move to a region with lower average scores where their borrowing options and life standards open up.
