📉 Mortgage Delinquencies Are Rising in Ontario — Here’s What It Means for You
Courtesy of CTV News
Mortgage delinquencies are climbing in Ontario and the Greater Toronto Area — and if you’ve been feeling financial pressure, you’re not alone.
According to new data prepared for the Canada Mortgage and Housing Corporation (CMHC), mortgage delinquencies in Ontario rose to 0.22% in Q1 2025, up from just 0.09% in 2023. In Toronto, delinquencies hit 0.23%, the highest they’ve been since 2013. These aren’t just late payments — they include 90-day delinquencies, which can lead to serious financial trouble, and even foreclosures, if left unaddressed.
đź’¸ Why Is This Happening?
Two main reasons:
Mortgage renewals at higher rates: Many homeowners locked into ultra-low pandemic-era rates are now renewing at double or even triple the interest rate. That’s hundreds, even thousands, more per month in mortgage payments — without a matching rise in income.
Job insecurity and economic uncertainty: Layoffs are hitting various sectors. Trade tensions with the U.S. are causing job losses in places like Windsor, Kitchener, and Hamilton — and economists warn things could get worse.
Add to that a softening condo market, and you’ve got a recipe for increased risk. Struggling homeowners may not be able to sell quickly to escape debt, leaving them stuck.
🔎 What This Looks Like in Real Life
Imagine this:
Sam bought a home in Pickering in 2021 with a 1.7% fixed rate. Today, that mortgage is renewing at 5.7%, increasing monthly payments by $900. Sam’s industry is experiencing layoffs, and his partner recently took a pay cut. Now, they’re juggling bills and dipping into savings just to stay afloat.
This is not a rare case. It’s becoming more common — and it’s why the rise in mortgage delinquencies should be a wake-up call.
🧠What You Can Do About It
If you’re stressed about your mortgage, you have options — but you need the right help. Waiting too long could make things worse.
That’s where Mr. Mortgage steps in. We specialize in:
âś… Helping homeowners renegotiate or refinance for better rates
âś… Reviewing your full debt picture to find relief options
âś… Guiding you through bridge financing, private solutions, or temporary restructuring
âś… Strategizing exit plans for investment properties that are no longer profitable
👋 Let’s Talk Before Things Get Worse
Even if you’re not in arrears yet, now’s the time to review your mortgage and make a game plan. The worst thing you can do is stay passive.
📲 DM us on Instagram @_mrmortgage
📞 Or book a free 15-minute consultation with Mr. Mortgage today — your future self will thank you.
