Record rise in Ontario mortgage delinquencies stem from COVID-era interest rates
While many Canadians are having financial troubles, no where are they more acute than in Ontario, according to a new report from Equifax. The company, which monitors consumer credit, says Ontarios mortgage delinquency rate rose to 0.24 per cent in the first three months of 2025, a massive 71.5 per cent increase from that same time period in 2024. Kathy Catsiliras, vice president of analytical consulting at Equifax, said Wednesday Ontarians are paying the piper for the low rates that were seen during the COVID-19 pandemic. We had ultra-low interest rates which led to a very hot housing market and specifically, we saw a lot of folks going out again in many cases purchasing properties and taking on a mortgage, she explained.