Ontarians are under extreme financial strain as more mortgages come up for renewal at higher interest rates while unemployment creeps up, according to a new report by credit reporting agency Equifax.
In Ontario, the total mortgage balance reaching “severe delinquency” — 90 days or more without payment — exceeded $1 billion for the first time in the first quarter of 2024. That’s double the level recorded before the pandemic, the report stated.
