The Canada Mortgage and Housing Corporation report released Thursday found that mortgage debt rose by six per cent to a record $2.08 trillion in 2022.
“Although mortgages in arrears remain low, they are a lagged indicator,” said Bourassa-Ochoa. “In challenging financial situations, consumers will typically be delinquent on credit cards, lines of credit or auto loans before mortgages. Increasing delinquencies for these credit products indicate a larger number of consumers are having difficulties with their debt payments.”
But when that debt and the accompanying interest rate spikes could manifest in mortgage defaults is unknown, Cross said. “The one thing you can be sure of though is the financial stress is increasing all the time and, at some point, some households are going to break,” he said.
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