1.4M Canadians Miss Payments as Mortgage Options Disappear

1.4 million Canadians missed a credit card payment last quarter. Homeowners may look better on paper — but many are just hiding debt in their mortgages. With falling house prices and shrinking equity, that escape hatch is closing fast. #canadianeconomy #canadianrealestate #bankofcanada Canada's Banking Head Warns of 2025/2026 Mortgage Renewals: https://www.youtube.com/watch?v=OjOZYAmD5yQ Missing payments is becoming Canada's newest national pastime: https://www.wealthprofessional.ca/news/industry-news/missing-payments-is-becoming-canadas-newest-national-pastime/390013 Financial gap continues to widen for some Canadians, says Equifax: https://www.wealthprofessional.ca/news/industry-news/financial-gap-continues-to-widen-for-some-canadians-says-equifax/390002 Delinquency Levels Show Signs of Stabilizing, But The Financial Gap Continues To Widen For Some Canadians: https://www.equifax.ca/about-equifax/newsroom/-/intlpress/delinquency-levels-show-signs-of-stabilizing-but-the-financial-gap-continues-to-widen-for-some-canadians Young Canadians falling behind payments as debt divide widens, report shows: https://www.theglobeandmail.com/investing/personal-finance/article-young-canadians-behind-payments-debt-divide/ Feds aim to give investors ‘certainty’ in budget to put money into Canada: https://globalnews.ca/news/11331011/2025-federal-budget-consultations-underway/ 1.4 million consumers missed a credit payment in second quarter: Equifax: https://financialpost.com/personal-finance/debt/consumers-credit-payment-second-quarter-equifax-report Canadian Credit Market Shows Signs of Recovery as New Mortgages Rise 51% Year-Over-Year: https://newsroom.transunion.ca/canadian-credit-market-shows-signs-of-recovery-as-new-mortgages-rise-51-year-over-year/#_ftn2 Ottawa to expand 30-year amortizations, raise insured mortgage cap: https://globalnews.ca/news/10757723/ottawa-to-expand-30-year-amortizations-raise-insured-mortgage-cap/ Bank of Canada announces a change to Overnight Repo operations: https://www.bankofcanada.ca/2024/10/bank-canada-announces-change-overnight-repo-operations/ Real estate developers and one major bank offering blanket appraisals in scramble to save preconstruction deals: https://www.thestar.com/real-estate/real-estate-developers-and-one-major-bank-offering-blanket-appraisals-in-scramble-to-save-preconstruction/article_a551fd0a-1525-4503-9521-39cb0974432f.html Canadian Home Sales Continue to Climb in July, National Benchmark Price Remains Steady: https://creastats.crea.ca/en-CA/ Funds advanced, outstanding balances, and interest rates for new and existing lending, Bank of Canada: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1010000601 Canadian home prices expected to rise by 10.5 per cent in 2022: Royal LePage: https://www.ctvnews.ca/business/article/canadian-home-prices-expected-to-rise-by-105-per-cent-in-2022-royal-lepage/ Bank of Canada hikes rates to 22-year high, more increases expected: https://www.reuters.com/markets/rates-bonds/bank-canada-hikes-rates-475-highest-22-years-2023-06-07/ How will mortgage payments change at renewal? An updated analysis: https://www.bankofcanada.ca/2025/07/staff-analytical-note-2025-21/ Mortgage Renewals Won’t Shock the System, but the Pain Will Linger: https://economics.td.com/ca-mortgage-renewals Insured mortgage cap hike a ‘game changer’ for some homebuyers: https://globalnews.ca/news/10916945/insured-mortgage-cap-amortization-changes-canada/ Mortgage Rule Changes to Add Fuel to Canadian Housing Recovery: https://economics.td.com/ca-mortgage-rule-changes Mark Mitchell – Mortgage Broker London Ontario 920 Commissioners road east London, Ontario N5Z 3J1 Phone: (519)860-2102 (Call or Text) MarkMitchell@LondonOntarioMortgages.ca Brokerage Lic: 10464 Broker Lic: M16001479 https://www.LondonOntarioMortgages.ca – Apply Online!! Youtube Channel: https://www.youtube.com/c/MarkMitchellMortgageBrokerLondonOntario Subscribe NOW for more Mortgage/Financial News/Videos. Follow me on Social Media: Instagram - https://www.instagram.com/mortgagebrokerlondonontario Facebook - https://www.facebook.com/londonontariomortgages Twitter - https://twitter.com/londonmortgage1/ LinkedIn - https://www.linkedin.com/in/mark-mitchell-london-s-mortgage-broker-197842123/ TikTok - https://www.tiktok.com/@mortgagebrokerlondon?lang=en Commentary on this Channel should not be considered financial advice.