Your credit score is that magic number that helps you reach major milestones in your life. There are many reasons why your credit score is important. Lenders look at your credit score before approving you for credit cards, car loans, and mortgages, so you should know what your score is before applying. It’s also good to know where you stand compared to others in the country.

According to 2021 data from over 1 million Borrowell members, the average Canadian credit score is 667. Having a credit score above this average will make it easier to qualify for credit products, so you should use this as a benchmark to compare your own credit score. If your score is below this average, there are different ways you can improve your credit score.

In 2020, the average credit score of Borrowell members was 649. This means that during the COVID-19 pandemic, the average credit score of our members improved by 18 points. Government relief measures, along with cautious spending and improved financial habits, have helped many Canadians cover their bills and improve their credit scores during the past year. This is a great result!

What city has the highest credit score?

We dug deep into our data of over 1.6 million Borrowell members to find the average credit score of major Canadian cities. The data below show 20 selected Canadian cities with Borrowell members. See how your city’s average credit score compares with other Canadian cities. 

According to Borrowell’s data, the Canadian city with the highest credit score is…

Markham, ON: 715

Vancouver, BC: 703

Burnaby, BC: 697

Toronto, ON: 694

Victoria, BC: 691

Montreal, QC: 690

Mississauga, ON: 690

Ottawa, ON: 685

Surrey, BC: 668

Quebec City, QC: 668

Brampton, ON: 667

Calgary, AB: 665

London, ON: 665

Halifax, NS: 658

Winnipeg, MB: 657

Saskatoon, SK: 656

Regina, SK: 654

Hamilton, ON: 653

Edmonton, AB: 645

Moncton, NB: 632

Out of the 20 cities listed above, 11 cities are above Borrowell’s average credit score of 667, while 9 are below the average credit score. Depending on where you live, the average credit score of your city may skew lower or higher than the average.

Does age typically influence credit scores?

Interestingly enough, there is a correlation between age and credit score. Data from both Borrowell and Equifax shows that the average credit score increases by age group. Borrowell members between 20 to 29 years old have an average credit score of 649, while members between 70 to 79 years old have an average credit score of 721. 

Equifax surveyed individuals from various age ranges and monitored their credit scores for a full decade. According to their most recent Generational Study, here are the average credit scores by age group.

Age 18-25: 692

Age 26-35: 697

Age 36-45: 710

Age 46-55: 718

Age 56-65: 737

Age 65+: 750

There are some high-level reasons why credit scores seem to increase with age. Two factors that impact your credit score are your credit history and your credit mix. As you grow older, you might make bigger purchases to reach major milestones. Buying a car or a house involves adding different forms of credit to your credit mix. When you take out a car loan or a mortgage, your credit mix becomes more diverse. As you pay these off, your credit history grows. These two factors both help in increasing your credit score.

A word of caution, though: growing older doesn’t guarantee that your credit score will increase. Building good credit requires strong financial habits, like paying your bills on time and in full. 

If you are looking to refinance or purchase a home over the next few months, contact us today at 877-296-2696 or email us at