Mortgage delinquencies in Ontario and B.C. climbed sharply in first quarter
Mortgage delinquencies in Ontario and British Columbia have risen sharply in the first quarter of the year, driven by higher interest rates. In Ontario, the delinquency rate increased by 52 percent, while in B.C., it rose by 36 percent compared to the same period last year. The trend is particularly pronounced in urban areas like Toronto and Brampton, where rates have surged significantly.
- ▪The delinquency rate in Ontario was 0.36 percent, a 52 percent increase from last year.
- ▪In B.C., the delinquency rate was 0.25 percent, marking a 36 percent rise over the same period.
- ▪Homeowners in Ontario and B.C. face higher debt burdens due to larger average mortgage sizes.
- ▪The number of Canadians filing for insolvencies has reached its highest level since the 2009 financial crisis.
- ▪Homeowners with mortgages are filing for insolvency at a faster pace than those without mortgages.
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Open this photo in gallery:Houses on a hill in Vancouver in November, 2023. The delinquency rate in B.C. was 0.25 per cent in the first three months of this year, a 36-per-cent increase over the first quarter of last year.DARRYL DYCK/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountHomeowners in Ontario and British Columbia are increasingly missing their mortgage payments, as higher interest rates make it harder for them to service their debt when they renew their loans.In Ontario, the delinquency rate on total mortgages outstanding was 0.36 per cent in the first quarter of this year, according to data from Equifax Canada.
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