Mortgage Delinquencies Surge 135% In Ontario, 62% In BC

. Despite the reprieve that could bring for Canadian mortgage borrowers, it doesn’t do much to quell the rate pain they’re feeling right now.from Equifax shows that Canadians are missing their monthly mortgage payments in growing numbers, with mortgage delinquency rates up over 52% between the last quarters of 2022 and 2023. As staggering as that figure may seem at first blush, delinquent mortgages represent just 0.14% of all Canadian mortgages, according to Tuesday’s data.

Bearing those figures in mind, Vice President of Advanced Analytics at Equifax Canada, Rebecca Oakes, says that upcoming mortgage renewals will be “pivotal” for Canadian homeowners across the board. On a brighter note, overall insolvency levels across Canada are still below pre-pandemic levels, according to Equifax’s data.

Source: Loan Digest (loandigest.net)

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