Equifax Canada reports Q4 2023 mortgage and credit card delinquencies in Ontario and British Columbia surpassed pre-pandemic levels due to higher interest rates and inflation.
Equifax Canada reported that consumers in Ontario and British Columbia increasingly missed mortgage and credit card payments in Q4 of 2023. The impacts of higher interest rates and inflation are affecting consumers, especially those who renew their mortgages, particularly in regions with more expensive housing prices. Mortgage delinquency rates in these provinces surged, surpassing pre-pandemic levels.
March 05, 2024
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