Ontario, B.C. mortgage-holders increasingly missed payments in Q4, Equifax says
Global News
Consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023, Equifax Canada said.
Consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023, Equifax Canada said.
The fourth quarter saw a continuation of what’s been happening for a while now as the impacts of higher interest rates and inflation continue to weigh on consumers, said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, in an interview.
These effects are becoming more visible as people renew their mortgages, she said, and in areas where housing prices are more expensive in Canada.
“We’re seeing that strain start to increase, and really starting to see missed payments coming out more and more on the credit side for individuals,” said Oakes.
Mortgage delinquency rates soared in those provinces, surpassing pre-pandemic levels, the agency said.
In Ontario, the mortgage delinquency rate was up 135.2 per cent compared with a year earlier, while B.C.’s rate rose by 62.2 per cent.
Financially stressed homeowners in those provinces are also increasingly missing credit payments, the agency said, a trend primarily driven by homeowners who are 36 and younger.
“What we are seeing in Ontario and B.C. in particular is that as consumers are coming up to the end of their term periods on their mortgage, whether that’s fixed or variable, and they’re renewing their mortgage, there are payments shocks that are happening for individuals, and that’s something we knew was coming,” said Oakes.
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