With over two decades in lending and underwriting, I pay close attention to shifts in mortgage stress—especially here in Ontario, where we’ve just seen balances 60+ days past due climb to about 0.4% by late Q2. That’s a 10 basis point increase year over year, representing the sharpest jump in the country. The account-level delinquency rate also nudged up 6 bps to around 0.3%, again the largest provincial move. What stands out to me is that these delinquencies are becoming more concentrated among borrowers with larger mortgage balances. The report connects this trend to the affordability squeeze and payment shocks for those who took on mortgages during the 2022–2023 rate hikes—a scenario I’ve helped many clients navigate. On a positive note, mortgages originated this year are performing better overall, and most of the elevated stress is isolated to a small subprime segment. Each situation is unique, and experience tells me there is always a path forward.
Leave a Reply