Canadians on the Verge of losing Everything , Canadian Mortgage Delinquencies Rise 24%
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Canadian households are starting to understand why many experts warned against taking on too much debt. A new report from Equifax Canada shows more families are having trouble paying back their large debts. This problem is worse in more expensive areas, where missed payments are increasing faster than the national average. Unfortunately, it looks like this trend might just be beginning.
Canadians have slowed down their borrowing but are still taking on debt at a steady rate. By the end of the first quarter of 2024, household debt had grown by 3.5% to $2.46 trillion. Most of this debt is in mortgages, making up 74% of the total amount. This is a huge burden for many people.
Credit delinquencies, or late payments, are rising in Canada, especially in the most expensive regions. While the national delinquency rate wasn’t disclosed, it is lower than it was before the pandemic. Equifax credits the mortgage stress test introduced in 2016 for helping to control the problem. However, some areas are still heavily indebted and expensive, leading to new records for delinquencies.
In the first quarter of 2024, Ontario's total of delinquent mortgages, which are those more than 90 days overdue, went over $1 billion for the first time. The report also highlighted data for Toronto and Vancouver, the most expensive real estate markets.
“Both Toronto and Vancouver now have higher delinquency rates (90+ day balance) than in Q1 2020,” according to the report.
From the first quarter of 2020 to the first quarter of 2024, Toronto’s mortgage delinquency rate increased by 0.05% to 0.14%. In Vancouver, the rate increased by 0.03% to 0.14% over the same period.
affordable cities, cost of living, debt management, mortgage delinquencies, Equifax report, financial health, household debt, mortgage stress test, Canadian economy, real estate market, Toronto, Vancouver, Ontario debt, high interest rates, consumer debt, financial trends, Q1 2024, credit delinquencies, non-mortgage credit, household borrowing, economic warnings, financial planning, debt burden, housing affordability, credit report, financial risk, economic stress, delinquency rates, expensive regions, mortgage crisis, debt load, financial stability
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The Great Reset 😠
People around me buying new vehicles and toys regardless of my warnings...sometimes I dont like being right!
@realmikemartins
13 күн бұрын
wow really
@stevelichtwark4259
13 күн бұрын
Not everyone is going broke, family money
@Samara2405
13 күн бұрын
We see tons of fancy trucks worth 100-120.000$ cruising around in our small town. Ours is 16 years old and a rare find. lol
@KoDeMondo
13 күн бұрын
@@realmikemartinsoh yeah Mike here in Perth wastern australia it's not only shortage of houses but also services such as plumbers, electricians etc (they are all very busy) and goods like a good loaf of bread can go very quickly. Also restaurants are very busy too, Airbnb all taken.. Camping spots all taken, place to visit all crowded etc all this it's insane.
@KoDeMondo
13 күн бұрын
@@realmikemartinsI called the bullbar era😂 because here in Australia all car got it and they are very expensive too!
When AI and robots kick in this will effect most
Followed You For a Long time Mike. You Called it in 2018........
@realmikemartins
11 күн бұрын
Thanks Jay
‘Artificial Shortages’ 100%
@realmikemartins
11 күн бұрын
Yes !!!!
I have read that in all parts in Canada except in Alberta and Saskatchewan that if someone defaults on their mortgage that the bank can go after their other assets to help pay for their debt owed. I am not sure if this is true.
@clearlynotwoke4929
13 күн бұрын
This is true in the U.K.
@1Nanerz
12 күн бұрын
Yes it’s true. You cannot just hand your keys back to the bank and walk away like in the States. You will be responsible for debts owed if you default. Declaring bankruptcy is the only way out.
@jefferyhansford1971
12 күн бұрын
It is called theft. Especially south of the border in the Southwestern States of Texas through California. When downsizing people steal from the dead.
As we have been watching with you, thanks Mike, terrible news we must know❤️
@realmikemartins
11 күн бұрын
Now what's next? Monkey or bird 🐦 or war ?
@SandiKlein
10 күн бұрын
@@realmikemartins yeah, who the heck knows hey?
Dropped idea of buying a new car. Fixing up the old jeep.
@realmikemartins
12 күн бұрын
O yes 👏 🙌 😌 😍
God i was not only called everything in the book mike i was almost killed for speaking up.. tide is turning but damage has been done.. bunch of parents and kids arent gonna be happy
@alessandroc47
13 күн бұрын
Damn, tell the story.
@dougiep2769
13 күн бұрын
@@alessandroc47 ohh maybe one day Mike will have me on.. I have some good ones
@stevelichtwark4259
13 күн бұрын
@@dougiep2769same ,this is actually spiritual warfare, people are distracted by $$$$$$$
@realmikemartins
11 күн бұрын
Call into the show in the fall
Wow, someone who believes the same way I do about the housing market. There is no shortage of housing.
@realmikemartins
11 күн бұрын
Search across my channel. See what we were talking about 8 years ago lol 😆
Where's the beef!
@jefferyhansford1971
12 күн бұрын
Do it now!
It’s losing, not loosing.
@realmikemartins
11 күн бұрын
One day I'll get it right ✅️
Mike Martins has vanished and been replaced by Mike Martins Ai. 👀
@realmikemartins
7 күн бұрын
Lol 😆 I did a live stream yesterday
I have listened
@realmikemartins
11 күн бұрын
Woooooo
How do most of you guys still make profit, even with the downturn of the economy and ever increasing life standards
@gaspardfigueroa
13 күн бұрын
As a beginner, it's essential for you to have a mentor to keep you accountable. I'm guided by a widely known crypto consultant
@gaspardfigueroa
13 күн бұрын
She's Stephanie Aaron Trentham
@Ethangray-cr5nd
13 күн бұрын
This is correct, Stephanie strategy has normalized winning trades for me also, and it's a huge milestone for me looking back to how it all started.
@MDX-ps1dx
13 күн бұрын
Yes, I agree with you. Her platform is wonderful, and her strategies are exceptional
@Holler-cy8vn
13 күн бұрын
It doesn't matter if you are a current hodler or a newbie. You can capitalize on the fluctuation of Bitcoin by trading with good strategy/signals
Loose?