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Despite repeated warnings from Bank of Canada governor Mark Carney, Canadians continue to ratchet up personal debt, leaving the country increasingly vulnerable to economic shock.

Growth in residential mortgages, the biggest single asset of all the major banks, “is continuing to be more robust,” Bill Downe, chief executive of Bank of Montreal, said in an interview.

Consumers typically account for 60 per cent of the country’s gross domestic product, and rising living costs along with elevated debt levels suggest they won’t be much help this year

Gross domestic product expanded at an annualized 3.9 per cent in the first quarter, the fastest pace in a year, led by business investment and manufacturing, Statistics Canada said

that pace will be cut by almost half in the second quarter, while Finance Minister Jim Flaherty told reporters Monday he’s anticipating “more modest” growth in the rest of the year

Canadians rang up five per cent more in personal debt in the first three months of 2011 compared with 2010, according to a report released Wednesday.

As Armine made clear in her presentation, household debt in Canada has steadily risen over the past two decades.  In 1990, the average Canadian household had debt representing just under 90% of its personal disposable income.  Today, that figure stands at roughly 150%.