Just The Facts: Ontario Mortgage Delinquencies 50 Percent Higher Than Before The Pandemic

Ottawa, ON – After nine years of the Carney-Trudeau Liberals, the cost of housing is pushing Canadians over the edge. This was made clear in a report from Equifax Canada which showed that more and more Ontarians are missing their mortgage payments.

According to this report, “some Ontario mortgage holders are experiencing severe financial distress.” In fact, delinquencies are now 50 percent higher today than they were before the pandemic.

Across Ontario, more than 11,000 homeowners recorded a missed mortgage payment in the final quarter of last year, which is nearly three times the number that was recorded in 2022.  And as a result of the Carney-Trudeau Liberal’s record of doubling housing costs, the average balance for a new mortgage is now “substantially higher,” standing at over $400,000.

As a result of this, the 90+ day mortgage balance delinquency rate in Ontario has surged 90.2 percent year-over-year.

Speaking to the Globe & Mail, the vice president of advanced analytics at Equifax Canada said, “Our numbers are telling us that there are more consumers struggling … we are not seeing delinquency rates slowing.”

After nine years of the Carney-Trudeau Liberals, the cost of a mortgage payment has doubled. This became a disaster for Canadians after the Liberal Government lost control of their spending, forcing the Bank of Canada to slam on the brakes with the fastest increase in interest rates in Canadian history.

Only Common Sense Conservatives will bring lower mortgage payments for Canadians by fixing the budget and building homes Canadians can afford.

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