Canadian Mortgage Delinquencies Rise 24%, Ontario Hits $1 Billion

Canadian households are facing difficulties in repaying their growing debt, with delinquencies on the rise, particularly in costly regions such as Ontario and British Columbia. Household credit hit $2.46 trillion in Q1 2024, primarily due to mortgage debt. Over 1.26 million Canadians missed credit payments in the same quarter, with higher rates in pricier regions. The increasing interest rates are exacerbating the situation for both mortgage and non-mortgage borrowers.