Although the recession may technically be over in Canada, many households sank even further into debt in 2009, creating the highest debt-to-income ratio ever in Canada, according to the Vanier Institute’s annual assessment report, released Tuesday.

The study showed the average household debt climbed to $96,100, creating a debt-to-income ratio of 145 per cent in 2009, the highest ever.

“Under this scenario, about 1.3 million households could have a vulnerable or dangerously high debt service load by 2011,” the report stated.

“The effects of this recession will test the resilience of many families. While the stock market may be up, the improvement for families will lag behind in employment, increases in income, and a return of net worth,” Clarence Lochhead, the Institute’s executive director said in a statement.

The report also indicated 59 per cent of respondents said they would be in trouble if their paycheque was delayed by even a week, even though 70 per cent of women with young children and a working spouse said they were working outside the home.

Personal debt is an increasing problem, according to the study, with a 50-per-cent increase in mortgages running 90 days or more in arrears in 2009 compared with a year before.

The number of credit-card holders who were behind at least three months in their payments was up 40 per cent during the same period.

The report also indicated there was likely a housing bubble, as housing prices in October and November 2009 increased to about $340,000, or five times the average after-tax incomes of Canadian households. The long-term average is 3.7 times.

The report warned “higher interest rates, changes in mortgage terms and the realization that current prices are unsustainable may cause the bubble to burst.”

It seems Ottawa is also concerned about the level of debt Canadian households are carrying on their mortgages.

Finance Minister Jim Flaherty said at a news conference Tuesday that Ottawa would require all borrowers to meet standards for a five-year fixed-rate mortgage, even if the buyer wants a variable rate mortgage.

Other rule changes unveiled could affect people looking to refinance their mortgages, including lowering the maximum amount that can be withdrawn to 90 per cent from 95 per cent and place a 20 per cent minimum down payment for government-backed mortgage insurance on nonowner-occupied properties.