Mortgage delinquency rates over the last 12 months saw a 52.3 percent increase
It's a double whammy of evidence Canadian households are feeling the pain of higher interest rates and the pain is rising most quickly in Ontario.
Tuesday, a report from credit rating agency Equifax Canada revealed that mortgage delinquencies shot up across the country in the fourth quarter, and that they've now risen past pre-pandemic levels in Ontario and B.C. New statistics from the Office of the Superintendent of Bankruptcy also showed that business and consumer insolvencies shot up in January.
Mortgage delinquency rates over the last 12 months saw a 52.3 percent increase, from 0.09 percent to 0.14 percent. Business insolvencies shot up 48.8 percent.
The mortgage delinquency numbers, said Equifax vice-president Rebecca Oakes, are a direct result of the Bank of Canada's 10 interest rate hikes since 2022. As people renew their mortgages, their monthly payments have risen dramatically.
"We haven't really got a great historical period to compare it to. But ... this is what we'd expect to see.
Bu hikaye Toronto Star dergisinin March 06, 2024 sayısından alınmıştır.
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Bu hikaye Toronto Star dergisinin March 06, 2024 sayısından alınmıştır.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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