Canada Housing Market

A recent Equifax Canada report reveals a significant increase in mortgage and loan delinquencies across Ontario, highlighting growing financial strain among homeowners.

In the first quarter of 2025, Ontario’s 90+ day mortgage delinquency rate rose to 0.24%, marking a 71.5% increase compared to the same period in 2024. This surge is attributed to homeowners facing higher interest rates upon mortgage renewal, leading to increased monthly payments.

Equifax also reports that non-mortgage delinquencies in Ontario increased by 24% year-over-year. Factors contributing to this rise include higher living costs and increased borrowing during periods of low interest rates.

Nationally, total consumer debt reached $2.55 trillion at the end of 2024, a 4.6% increase from the previous year. The combination of rising debt levels and increased delinquencies suggests potential challenges for the Canadian housing market and broader economy.

The data underscores the importance for homeowners to assess their financial situations, especially when approaching mortgage renewals. Financial institutions and policymakers may need to consider strategies to support consumers facing these challenges.

References:

1. Equifax Canada. (2025, May 27). Non-Mortgage Delinquencies Reach Levels Not Seen Since 2009. EquifaxGlobeNewswire+1Equifax+1
2. Global News. (2025, May 28). Record rise in Ontario mortgage delinquencies stem from COVID-era interest rates: Equifax. Global NewsGlobal News+1STOREYS+1
3. GlobeNewswire. (2025, May 27). Non-Mortgage Delinquencies Reach Levels Not Seen Since 2009. GlobeNewswireMortgage Professional+2GlobeNewswire+2Equifax+2
4. Canadian Mortgage Trends. (2025, May 27). Equifax report says 1.4M consumers missed a credit payment in Q1. Mortgage Rates & Broker NewsMortgage Professional+3Mortgage Rates & Broker News+3GlobeNewswire+3
5. Storeys. (2025, May 30). Insider: CMHC And Equifax Sound The Alarm On Canada’s Mortgage Market. STOREYSSTOREYS
6. MPA Canada. (2025, May 28). Ontario delinquencies reach alarming highs amid mortgage renewal surge. Mortgage ProfessionalMortgage Professional
7. Equifax Canada. (2025, May 27). Equifax Canada Report Reveals Increased Financial Strain as Credit Delinquencies Continue to Rise. EquifaxEquifax
8. Equifax. (2025). Global Credit Trends – Equifax. EquifaxNasdaq+2Equifax+2YouTube+2