Canadians defaulting in record numbers. Banking crisis?

Canadians are defaulting on mortgages in record numbers. Banking crisis? As the Bank of Canada and the OSFI are completely asleep behind the wheel or at least it seems. They aren't calling them defaults. I am calling them "shadow defaults" but the negative amortizations and lack of public discourse around these issues are of massive concern for the banking system or not? Is this what the yield curve is predicting? A huge banking crisis? Or potential depression in Canada?
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