Ontario’s mortgage delinquency rate nearly doubled in the final months of 2024

Ontario’s mortgage delinquency rate nearly doubled in the final months of 2024

Ontario mortgage delinquency rate jumps 50% amid growing signs of high-rate renewal shock

Credit agency Equifax reports more than 11,000 mortgages in Ontario missing at least a payment in the fourth quarter of 2024.

Mortgage defaults climb in Ontario as homeowners face renewal at higher rates

The average balance for a new mortgage in Ontario was $434,744 at the end of last year. The national average, including renewals, was $344,928

Ontario’s mortgage delinquency rate nearly doubled

Ontario’s mortgage delinquency rate has nearly doubled over the past year, as elevated borrowing costs continue to exert pressure on some homeowners, according to a recent report. Equifax Canada’s credit report for the fourth quarter of 2024 indicates that Ontario’s mortgage delinquency rate, which reflects the proportion of mortgages in arrears, surged by 90.2 percent compared to the same quarter ...

'Severe Distress': Ontario Mortgage Delinquencies 50% Higher Than Pre-Pandemic

Your mortgage can easily be the most important bill you pay each month, which is why it's concerning when mortgage delinquencies are on the rise. And according to Equifax Canada, this was the case in Ontario in the fourth quarter of 2024, with some borrowers experiencing "severe financial distress."While some Canadians are benefiting from lower interest rates, more and more are struggling under "mounting debt," Equifax said in their Q4 2024 Mark…