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

Mortgage delinquencies in Ontario rose significantly in Q4 2024, with over 11,000 mortgages missing payments, nearly three times the number from 2022. The total consumer debt in Canada reached $2.56 trillion, with younger and lower-income individuals particularly affected. While some Canadians benefited from lower interest rates, many face payment shocks as they renew mortgages at higher rates. New mortgage originations increased by 39%, but first-time buyers still face higher average loan amounts. Economic uncertainties, including potential US tariffs, could further impact the housing market.