Overall, missed mortgage payments are still lower than they were pre-pandemic, but Equifax expects more pain ahead. The Bank of Canada has signalled interest rates may need to stay higher for longer, which will push mortgage payments higher come renewal time.
Good news, followed by “how can we create a problem, guys?”. 💁♂️
Good news, followed by “how can we create a problem, guys?”. 💁♂️
Bank of Canada: Our metrics indicate people aren’t suffering enough.
More like: Our metrics indicate that people are enduring the suffering and show signs of being able to take more and longer.