The IMF’s report doesn’t jive with other data that show mortgage delinquency rates in Canada remain lower than pre-pandemic levels, but strain is beginning to show.is now the highest among G7 countries. In 2021 it was seven per cent higher than the country’s total gross domestic product.out today shows that an increasing number of Canadians with a mortgage are missing payments on non-mortgage credit, up 15.
“We are now starting to see more homeowners struggle as well, especially following mortgage renewals where payments have risen significantly,” said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada. Canadian consumers on average are spending 21.5 per cent more each month on credit cards, compared to pre-pandemic levels. Average monthly spending per credit card holder exceeded $2,200 this quarter, up about $400 compared to the first quarter of 2020.found that three in 10 Canadians say they are struggling to get by. That is six percentage points higher than a year ago.
Almost half, 45 per cent, of the people surveyed with mortgages say they are finding their monthly payments “tough or very difficult to manage.”Article contentFaced with increasing costs for housing and food, Canadians have used credit to keep up, said Angus Reid. And if thenterest rates again, as some economists expect, it would put more pressure on indebted Canadians.
One quarter of the people polled said debt is a major source of stress for them. Among people with mortgages that percentage is even higher, with 30 per cent saying their debt was majorly stressful.
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