TORONTO — Canadian consumers are starting to feel the sting of a slowing global economy as they go deeper into debt and see their wealth erode, according to a report released Monday by CIBC World Markets.

“With the recent correction in the stock market and a slowing housing market, Canadians are seeing their net wealth position shrinking,” writes Benjamin Tal, CIBC senior economist and author of the report.

“Debt is now rising faster than assets.”

The report found that Canadians’ debt-to-income ratio - a measure of household debt compared with income - has increased from 122 per cent to 130 per cent in the last year. In the first quarter, the debt-to-asset ratio rose to just under 18 per cent - the highest level since early 2003.

At the same time, net worth as a share of disposable income fell by more than three per cent during the six months ended in March.

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