The number of missed mortgage payments in Ontario has increased to 50 percent higher than before the COVID-19 pandemic, according to a new report from Equifax.
The credit bureau company has released details on delinquency and debt rates across Canada for the last quarter of 2024.
It noted that more than 11,000 mortgages in Ontario saw a missed payment in the fourth quarter of last year. That is nearly three times the number in 2022.
Overall, consumer debit in Canada reached $2.56 trillion at the end of 2024, a 4.6 percent increase over 2023, the report said.
The average non-mortgage debt per Canadian reached $21,931, exceeding pre-pandemic levels, report authors wrote….