Debt levels edge up
Missed payments soar
Delinquency rates are on the rise in Canada, outpacing debt growth and signalling increasing financial stress among consumers, especially in provinces like Ontario, Alberta, and British Columbia.
The national delinquency rate jumped by 19.14% year-over-year…Canadians are having trouble keeping up with their payments…based on data from Equifax Canada and other economic indicators.
Total consumer debt in Canada reached $2.56 trillion at the end of 2024, up 4.6% from 2023.
Rebecca Oakes, vice president of advanced analytics at Equifax Canada, noted that although some Canadians are benefiting from slight rate relief, many, particularly mortgage holders in high-cost provinces, are feeling increased financial pressure.
Alberta reported the highest delinquency rate at 1.81%, following a 17.4% annual increase. Its average non-mortgage debt reached $24,555.
Full Read:
- https://www.mpamag.com/ca/mortgage-industry/market-updates/canadian-delinquency-rates-outpace-debt-growth/534800?hsmemberId=624931&tu=cab225e9-a56e-4453-ba7a-30cbd695b619&utm_campaign=&utm_medium=20250507&_hsenc=p2ANqtz-9i2kKPLAcukzQaJuLmajl1Ub2cLiDf0zI6XfVGIAxNflXHINFP6ODwIdAtXMms5zUg8BfJVgpB4QjS-fe84sWjIQNd7ZzA219v7toXYTcLznsJynw&_hsmi=360352403&utm_content=cab225e9-a56e-4453-ba7a-30cbd695b619&utm_source=