Ontario Mortgage Holders Face Rising Delinquencies Amid National Debt Growth — Equifax Canada Co.

Event summary

Total Canadian consumer debt rose to $2.68 trillion in Q2 2026, a 4.18% year-over-year increase.
Non-mortgage debt reached $712.2 billion, up 4.8% year-over-year, with delinquency rates slightly improving to 1.76% from 1.79% quarter-over-quarter.
Ontario mortgage holders saw a 27% year-over-year rise in 90+ day non-mortgage delinquency rates, reaching 0.86% in Q2 2026.
Joint mortgages among first-time homebuyers rose to 70.9% in Q2 2026, with higher reliance on co-borrowers in Ontario and British Columbia.
Credit card balances increased to $134.2 billion, with a 6.8% annual increase in severe delinquency rates.

The big picture

Equifax Canada's Q2 2026 data highlights a mixed picture of consumer debt health, with national non-mortgage delinquency growth slowing but Ontario mortgage holders facing heightened financial pressure. The rise in joint mortgages among first-time homebuyers underscores the growing need for family support in high-cost markets. These trends reflect broader economic uncertainties and the lingering impact of higher interest rates on household finances.

What we're watching

Regional Disparities: How Ontario's persistent mortgage delinquency trends will diverge from national averages amid higher interest rates.
Consumer Behavior: Whether rising credit card delinquencies signal broader financial strain despite stable payment behaviors.
Market Dynamics: The pace at which first-time homebuyers' reliance on co-borrowers will impact housing market stability.