Mortgage delinquency rates in Ontario are soaring

Missed mortgage payments in Ontario are at a record high, exceeding $1B for the first time in Q1 2024. Economist Rachel Battaglia notes the rise is due to increased home prices, leading to larger missed payments. Despite the high delinquency rates in Ontario, Battaglia believes there is no immediate cause for alarm as households have adjusted spending habits to manage higher interest rates. She predicts that as long as employment rates remain stable, people should be able to handle their mortgage payments.