“Mortgage Strain in B.C. and Beyond: What Q1 2025 Data Reveals”
Are you struggling with mortgage payments? You’re not alone.
New data from Equifax Canada reveals a concerning trend: Canada’s mortgage delinquency rate hit 0.19% in Q1 2025 linkedin.com+2ca.news.yahoo.com+2cmhc-schl.gc.ca+2equifax.com+11assets.equifax.com+11nasdaq.com+11.
📉 Hardest hit: Saskatchewan and B.C.
Saskatchewan leads the nation with a delinquency rate of 0.37%—nearly double the national average linkedin.com.
British Columbia sits at 0.18%, trailing Canada's average, yet showing signs of rising financial pressure .
🔎 What’s driving this?
Renewals and refinancing surge
Q1 saw a 57.7% year-over-year rise in mortgage originations, largely driven by homeowners renewing or refinancing canadianmortgagetrends.com+4assets.equifax.com+4nasdaq.com+4.
This “Great Renewal” coincides with pandemic-era mortgages coming due, often at higher interest rates.
Affordability pinch
Despite a strong economy and low unemployment in Saskatchewan, rising costs of living—especially in Southern Ontario and B.C.—are squeezing household budgets.
Ontario and B.C. saw sharp increases in delinquency: +71.5% and +33.3% year-over-year, respectively equifax.ca+9globenewswire.com+9nasdaq.com+9.
Rising consumer debt, broader financial strain
Overall Canadian consumer debt hit $2.55 trillion, up 4% from Q1 2024 equifax.com+5assets.equifax.com+5equifax.ca+5.
Over 1.4 million Canadians missed at least one payment in Q1—about one in 22 people canadianmortgagetrends.com+3globenewswire.com+3nasdaq.com+3.
🏠 Why it matters
Mortgage delinquency as a canary: Missed mortgage payments often signal deeper economic stress—unemployment, health crises, or income drops.
Policy implications: Rising arrears in B.C. and Ontario could prompt Canada’s central bank and provincial regulators to reevaluate interest rate strategies or tighten lending standards.
For homeowners: If you’re near the edge, explore strategies like refinancing, seeking rate relief, or consulting a housing counsellor.
✅ Bottom line
You were spot on: Canadians are increasingly struggling with mortgage payments. Saskatchewan is the most affected, but affordability issues in B.C. are catching up too. With a wave of renewals hitting amid a costly living environment, many households are starting to feel the squeeze.
Thinking of refinancing, switching mortgage types, or worried about keeping up? Let’s talk through your options—whether it's shopping rates, extending amortization, or exploring government programs.