Canadian Debt Rises 3.5 per cent

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mortgage delinquency rates

Check & Monitor Your Credit Report and Credit Score | Equifax

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Consumer debt rises to $2.46 trillion at end of Q1 2024, up 3.5 per cent year-over-year

Summary

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72% Informative

Canada 's mortgage debt, representing a significant 74.4 per cent of total consumer debt, slowed to an increase of 3.1 per cent year-over-year ( YoY ) New mortgage originations hit an all-time low in Q1 2024 as consumers held off making big purchase and financing decisions amid rate cut speculations.

Delinquencies for mortgages over 90 days past due rose in Toronto from 0.09 per cent to 0.14 per cent .

Over 1.26 million consumers missed at least one payment on some form of credit commitment in Q1 2024 .

Ontario , British Columbia and Quebec had above average jumps in the number of consumers missing a payment.

Credit card delinquencies continued their steady rise with consumers paying down their balances in full less frequently, dropping from 65.6% in 2023 to 64.5% .

Ontario , Quebec , Nova Scotia , New Brunswick , PEI , Newfoundland , Alberta , Newfoundland and Alberta all have high debt.

Western Region : $ 21,276 , $ 22,333 , $ 23,812 , $ 24,157 , $ 20,902 , $ 25,000 , $ 26,500 , $ 27,800 , and $ 23.8,800 .