Ontario mortgage delinquencies exceed $1 billion | Your Morning

A new report from Equifax Canada finds missed mortgage payments by Ontarians are costing more than ever before.

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[Aarrenrhonda]

Fortunately, my spouse and I were able to pay off our mortgage early. While we were both still employed, we took the money we had been using to accelerate our mortgage repayment and invested it immediately. Thanks to nearly 7 years of saving what would have been our mortgage payment and to maxing out our 401K/403B plans, we were able to retire early. Fortunately, both of our parents instilled in us the need of living within our means.

[alphamike]

Shocker... RBC's economist tries to paint a rosy face on this impending catastrophe

[alexsteven.m]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[DevanAsher]

In my opinion, housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.

[bobbyjames]

She is scared shitless .. you can see that.

[JustinN-hdon]

Justin trudeau broke every part of canada

[TheShpmusic]

It's very simple, they cannot afford it any more.

[tomacml]

The worst has yet to arrive, wait for 2025/2026/2027 and watch the sky falling for many.

[KM-srcc]

This is just a start for what is yet to come.
10's of billions of more default mortgages by the end of 2026.
This happened when the central bank MISCALCULATED the Debt/Income ratio, created trillions of dollars of CREDIT out of thin air, and flooded the monetary system with CHEAP CREDIT for over 2 decades, encouraging the public to go and take advantage of cheap credit.

The asset and debt bubbles are imploding the economy and monetary system and stressing the financial well-being of the hard-working middle class.

These monetary policies are NOT sustainable and have DEVASTATING effects on all households in Canada, as we are witnessing today.

Credit card and Mortgage delinquency will reach their boiling points in the coming years, impacting Social, Economic, Political, and Security aspects of life in Canada.
The implications will be SEVERE, DEVASTATING, and UNPERDICTABLE.

Bank of Canada has destroyed the very basics of the "Social Fabric" of Canadian society, so the trend is reaching the point of becoming irreversible.

[kevmack]

LOL I'M HOMELESS AND LOST MY 200K UNDERWATER CONDO SO DON'T LISTEN TO THESES PEOPLE THEIR DATA IS ALWAYS SUPER BEHIND :)

[ianleslie]

No wonder Trudeau/Freelander are starting to worry. Pretty soon they might actually be getting close to being worried. 🤔😔😕

[MaryLinda-mytd]

People should remember: poverty is not an accident, a coincidence or an inevitability. It is something which is manufactured by the ruling class, that's why investment is the key to sustaining your financial longevity

[DolfSmitler]

She completely dodges the question about people losing their houses Ahahah

[corce]

Costs too much money here. Leave Canada and we can get a better life.

[michaeld.]

So households are just spending too much? Just like our governments....

[trevors]

There’s people in Brampton that smell like doo doo

[goldguilder]

Solution is for BoC to buy up all MBS with taxpayers money. 2) then cut the rate to 0.25 immediately 3) sell the bonds at a profit 4) hike the rate back up to 4.75 percent

[geraldbrowne]

Doesn't include the amortization extensions used by banks to hide the insolvencies?

[ameliavv]

When the entire working class of Canada has no spending power because most of their income goes to housing then businesses will close and more jobs will be lost which means even more people will default on their mortgages or lose their rental housing. This is a disaster. And an entirely predictable one. And now we've got millions of unemployed ukrainians and other refugees who don't speak a lick of English further depressing our medical and social systems and exhausting our food banks (yes countries have an obligation to take on refugees but Canada went way overboard as usual)

[mikebowers]

we need more like $100 billion in defaults then the housing prices will start to fall.Let the show begin.