A new report has shed light on the growing financial struggles of Canadians, revealing that an increasing number of people are unable to keep up with their major financial obligations. Among the hardest-hit provinces, Ontario stands out, with mortgage delinquencies soaring to unprecedented levels.
According to data from Equifax Canada, consumer debt nationwide grew by 4.6% in 2024, reaching an astonishing $2.56 trillion. While falling lending rates provided some relief to certain borrowers, the report highlights that many Canadians—particularly those in Ontario and British Columbia—are facing heightened financial strain, especially when it comes to mortgages.
The numbers paint a concerning picture: in the final quarter of 2024, Ontario saw a staggering 90.2% increase in mortgage delinquencies compared to the same period in 2023, with over 11,000 households missing at least one payment. In comparison, Quebec recorded a 41.2% rise, British Columbia 37.7%, Atlantic Canada 15.7%, and the Prairies just 0.6%. Alberta was the only province where mortgage defaults actually declined, dropping by 3.6%.
Equifax also noted that Ontarians who are falling behind on mortgage payments tend to carry higher mortgage balances and are struggling with other types of debt. The province saw a 23.9% increase in defaults on non-mortgage debts—such as credit cards and auto loans—compared to the national average of 18%. Delinquencies that extended beyond 90 days surged by 46.1% in Ontario, significantly outpacing Quebec (23.3%), British Columbia (21.6%), Alberta (6.1%), the Prairies (4.1%), and Atlantic Canada (1.5%).
The report underscores a worsening financial crisis, with Toronto emerging as one of the cities most impacted by rising defaults. The city’s high cost of living—driven by soaring real estate prices, taxes, and rental costs—has contributed to the growing number of residents unable to pay their bills. Additionally, Toronto’s unemployment rate, at 8.8% as of January 2025, is one of the highest in the country, further exacerbating financial pressures.
Overall, the data signals a troubling trend, with mortgage delinquency rates in Ontario climbing from 0.16% in Q2 2024 to 0.22% in Q4—marking the highest levels seen in over a decade. With consumer debt continuing to rise, financial experts warn that more Canadians could find themselves struggling to meet their financial obligations in the months ahead.
Canada Housing Market 
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