More Ontarians missing mortgage payments

Total amount reaching 'severe delinquency' exceeded $1 billion for the first time, Equifax finds

- ANA PEREIRA

Ontarians are under extreme financial strain as more mortgages come up for renewal at higher interest rates while unemployment creeps up, according to a new report by credit reporting agency Equifax.

In Ontario, the total mortgage balance reaching “severe delinquency” — 90 days or more without payment — exceeded $1 billion for the first time in the first quarter of 2024. That’s double the level recorded before the pandemic, the report stated.

“A shocking number,” said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada. “And it’s not a case of it’s increasing or flattening — it’s still on an upward trajectory in terms of missed payments. That really is where the concern is coming from.”

The trend reveals that consumers, particularly those in highly-priced housing markets, are still dealing with the crushing effects of inflation and higher-for-longer interest rates.