Debt doesn't exist in a bubble, it's relative to income and assets when discussing who is more wealthy.

In Trinidad, only the rich can afford a microwave, the power grid doesn't work half the time and there are no food banks, people just actually starve or find food in landfills.

Canada no doubt has seen a drop in living standards, mostly driven by the housing bubble and too much income going towards housing. But it's still extremely rich by any objective measure.

Just travel to some poor countries and you might appreciate Canada a bit more, despite all her flaws.