Equifax Reports Ontario Mortgage Delinquency Rates 50% Higher Than Pre-Pandemic Levels

February 25, 2025 TruthUSA

The number of missed mortgage payments in Ontario has increased to 50 percent higher than before the COVID-19 pandemic, according to a new report from Equifax.

The credit bureau company has released details on delinquency and debt rates across Canada for the last quarter of 2024.

It noted that more than 11,000 mortgages in Ontario saw a missed payment in the fourth quarter of last year. That is nearly three times the number in 2022.

Overall, consumer debit in Canada reached $2.56 trillion at the end of 2024, a 4.6 percent increase over 2023, the report said.

The average non-mortgage debt per Canadian reached $21,931, exceeding pre-pandemic levels, report authors wrote.

Rebecca Oakes, vice president of advanced analytics at Equifax Canada, said that some consumers appear to be doing better with lower interest rates, but some Canadians are seeing intense financial pressure.

“At first glance, the numbers are not concerning, but when we look deeper at a more granular level, many are feeling the strain of high living costs and mortgage renewals with higher payments, while other consumers are doing better and seeing financial improvements from lower interest rates and income growth,” she said.

Provincial Rates

The number of missed mortgage payments that exceed 90 days increased by 90.2 percent year over year in Ontario. It was a higher change in delinquency rates than in other provinces. The 90-plus day delinquency rate for the last quarter of 2024 in Ontario was 0.22 percent.

In comparison, B.C. saw a 37.7 percent increase in its 90-plus day mortgage delinquency rate, Alberta saw a decrease of 3.6 percent, Quebec had a 41.2 percent increase, and Manitoba and Saskatchewan each saw a 0.6 percent increase. Atlantic Canada saw a 15.7 percent increase in its 90-day plus mortgage delinquency rate.

The number of missed payments on non-mortgage debt has also gone up in all provinces, according to Equifax data.

In Ontario, it jumped 46.1 percent from the same time in 2023. B.C. saw a 21.6 percent increase in missed payments on non-mortgage debt. In Quebec, that number was 23.3 percent, and in Alberta it was 6.1 percent. In Manitoba and Saskatchewan, there was a 4.1 percent increase, while the Atlantic provinces saw a 1.5 percent increase.

Oakes said that mortgage holders will do everything to keep up with payments.

“The fact that we’re seeing missed payments rise so sharply suggests deeper financial strain. Depending on the type of credit, missed payments have increased from 10 to 80 per cent, compared to pre-pandemic levels.”

Provincial Delinquency Rates

Broken down by province, Alberta had the highest overall delinquency rate at 1.91 percent. Average debt in the province for the final quarter of 2024 was $24,537.

Saskatchewan had the second-highest delinquency rate at 1.77 percent. The average resident is carrying $23,265 in debt.

Manitoba saw the third-highest delinquency rate in Q4 2024 at 1.69 percent. The average debt in that province was $18,150.

Quebec had the lowest delinquency rate in the final quarter of 2024 at 1.08 percent, with an average debt load of $19,156.

Ontario’s delinquency rate was 1.64 percent with the average debt load at $22,597.

In Nova Scotia, that number was 1.66 percent, with the average resident owing $21,349.

New Brunswick saw a 1.68 percent delinquency rate in the last part of 2024 with an average debt load of $21,548.

In PEI, that number was 1.23 percent, and the average debt for residents was $23,664.

The delinquency rate in Newfoundland and Labrador was 1.49 percent, with an average debt load of $24,843.

In B.C., it was 1.36 percent, with residents owing an average of $22,583.

The total Canadian delinquency rate was 1.53 percent. The average debt nationally was $21,931.

Mortgages Increase

The final quarter of 2024 also saw a rise in the number of new mortgages in Canada, with an increase in the number of first-time homebuyers of 28.2 percent over 2023 numbers.

Overall, new mortgage numbers rose by 39 percent year over year, Equifax said.

The average loan amount that first-time buyers were paying was 6.6 percent higher than in 2023. However, the report notes that the amount of monthly payments dropped by 7.9 percent or about $200 per month. The average mortgage payment was $2,330.

Mortgage renewals and refinancing counted for 50 percent of all new mortgages in the final quarter of 2024, Equifax said.

Overall, the average balance on mortgage renewals went up by 2.9 percent in 2024 compared to 2023.

A quarter of those who renewed a mortgage in the last part of 2024 saw their monthly payments go up by about $150.

Credit Card Debt

Canadians’ credit card debt rose by 7.8 percent in Q4 2024, but it was the slowest rate since 2022, the report said.

In December 2024, spending hit a two-year high. Average credit card purchases, adjusted for inflation, were estimated at $2,228 per cardholder. That was a 2.2 percent increase from 2023.

“Despite recent rate cuts and GST tax relief, challenges persist for certain consumers, particularly in consumer debt and housing,” Oakes said. “The added uncertainty of U.S. tariffs underscores the need for a balanced approach to debt, affordability, and trade. The coming year will be critical for Canada’s economic stability.”

Broken down by age group, the delinquency rate is the highest for those aged 26–35 years, at 2.24 percent; followed by those aged 18–25 at 1.92 percent. The lowest rate is among those aged 56 and older, at 1.11 percent. Ages 36–45 have a rate of 1.85 percent, and those in the 46–55 age range have a 1.33 percent delinquency rate.

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