As of Q4 2015 the household savings rate was some 4%, down from 15% as of the early 1990s:
But the data hides a starker reality: disposable income less household expenditure in Q4 2015 left a savings rate of 0.5%. The 4% savings rate is actually made up for the most part of a pension adjustment, a factor which has held relatively stable. Not much room here for increasing expenditure.
Indeed we see a big drop in savings ex pension adjustment from 1993 onwards, matched by a large increase in consumer credit and a further deeper plunge from 2002 to 2008, matched again by consumer credit. I cannot find stat data from Stats Canada or the Bank of Canada on HELOCs which would provide further information on influences on household expenditure (secured home equity lines of credit being far cheaper than unsecured consumer credit) but the consumer credit data seems to coincide quite well with the drop in savings rates:
Household and NPO debt relative to GDP continues to rise: