More Canadians missing payments as they sink deeper into debt: Equifax

The quarter’s increase marks a shift where more of the consumers missing monthly debt payments are homeownersThe number of Canadians missing monthly payments on non-mortgage bills is on the rise, according to an Equifax report, as consumers continue to sink further into debt.

In the previous quarter, most of the missed payments were among lower income and younger consumers who didn’t have mortgages. But Rebecca Oakes, vice president of advanced analytics at Equifax Canada, said this quarter’s increase marks a shift where more of the consumers missing monthly debt payments are homeowners.

According to the Bank of Canada, one-third of mortgage holders have already seen payments increase compared to February 2022, before the central bank started aggressively hiking its benchmark interest rate. The central bank has estimated that the median monthly payment increase for homeowners facing mortgage renewals will be about 20 per cent, putting a strain on some household finances.

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