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Insolvency volumes hit highest since 2009 amid strain among homeowners: Equifax
Insolvency volumes jumped 18.8% as homeowner filings rose more than 11% and mortgage delinquencies climbed sharply in Ontario and British Columbia, Equifax Canada said.
- Equifax Canada reported insolvency volumes jumped 18.8 per cent year-over-year in the first quarter to their highest level since 2009, with homeowner insolvency volumes surging more than 11 per cent from Q4 2025.
- Higher interest rates continue fueling payment pressure on homeowners, according to Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, while the Harris & Partners Financial Resilience Index found 83 per cent of Canadians cut back on essentials.
- The severity of insolvencies has worsened, with average non-mortgage debt in filings reaching $43,300, up from $40,200 two years ago; homeowners' average non-mortgage debt hit $82,400, up 19 per cent over the same period.
- Mortgage delinquencies in Ontario jumped 52 per cent and 36 per cent in British Columbia year-over-year, signaling acute strain in high-priced housing markets as insolvency trustee Joshua Harris noted people are "forced to make difficult choices simply to stay on top of monthly expenses."
- Non-Mortgage debt fell over $487 million in the quarter for the first time in several quarters as consumers practiced financial restraint, yet Equifax cautioned that systemic risks persist despite this discipline.
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14 Articles
14 Articles
A new Equifax Canada report shows that insolvency cases have reached unprecedented levels since 2009, in a context where owners are facing increasing financial difficulties.
·Montreal, Canada
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The Resilient North: Equifax Canada Data Shows Consumers Leaning on Financial Discipline to Offset Macroe
– Latest report shows emerging credit stress slowed in Q1 but lingering effects of high interest rates and inflation led to highest insolvency levels since 2009 – Equifax Canada® Market Pulse Quarterly Consumer
·New York, United States
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Insolvency cases increased by 18.8 per cent over one year in the first quarter, a peak since 2009, according to an Equifax report.
·Montreal, Canada
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The Toronto Star+7 Reposted by 7 other sources
Insolvency volumes hit highest since 2009 amid strain among homeowners: Equifax
TORONTO - A new report from Equifax Canada says insolvency volumes have risen to the highest level since 2009 amid escalating financial strain on homeowners.
·Toronto, Canada
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Total News Sources14
Leaning Left7Leaning Right1Center3Last UpdatedBias Distribution64% Left
Bias Distribution
- 64% of the sources lean Left
64% Left
L 64%
C 27%
Factuality
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