Canadians on the Verge of loosing Everything , Canadian Mortgage Delinquencies Rise 24%

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Canadian households are starting to understand why many experts warned against taking on too much debt. A new report from Equifax Canada shows more families are having trouble paying back their large debts. This problem is worse in more expensive areas, where missed payments are increasing faster than the national average. Unfortunately, it looks like this trend might just be beginning.

Canadians have slowed down their borrowing but are still taking on debt at a steady rate. By the end of the first quarter of 2024, household debt had grown by 3.5% to $2.46 trillion. Most of this debt is in mortgages, making up 74% of the total amount. This is a huge burden for many people.

Credit delinquencies, or late payments, are rising in Canada, especially in the most expensive regions. While the national delinquency rate wasn’t disclosed, it is lower than it was before the pandemic. Equifax credits the mortgage stress test introduced in 2016 for helping to control the problem. However, some areas are still heavily indebted and expensive, leading to new records for delinquencies.

In the first quarter of 2024, Ontario's total of delinquent mortgages, which are those more than 90 days overdue, went over $1 billion for the first time. The report also highlighted data for Toronto and Vancouver, the most expensive real estate markets.

“Both Toronto and Vancouver now have higher delinquency rates (90+ day balance) than in Q1 2020,” according to the report.

From the first quarter of 2020 to the first quarter of 2024, Toronto’s mortgage delinquency rate increased by 0.05% to 0.14%. In Vancouver, the rate increased by 0.03% to 0.14% over the same period.

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