Mortgage Delinquencies in Toronto Hit 12-Year High as Rate Triples to 0.22%

Mortgage delinquencies in the Greater Toronto Area have tripled to their highest level in over a decade, reaching approximately 0.22% in early 2025 as homeowners struggle with rising interest rates and soaring living costs.

The delinquency rate has tripled from pandemic-era lows and now exceeds levels last seen in 2014, according to Equifax Canada data analyzed by Better Dwelling.

Across Ontario, the situation has worsened further into 2025. The province’s 90-day-plus mortgage delinquency rate reached 0.24% in Q1, representing a surge of over 70% compared to 2024 levels, Equifax reported.

The surge comes as around 1.2 million homeowners face mortgage renewals in 2025, with many who locked in historically low rates during the pandemic now confronting payment increases of hundreds of dollars monthly.

“The fact that we’re seeing missed payments rise so sharply suggests deeper financial strain,” said Rebecca Oakes, vice president of advanced analytics at Equifax.

Toronto’s high cost of living compounds the problem, with the city ranking among Canada’s most expensive urban centers. Data shows 25% of borrowers experienced payment hikes exceeding $150 when renewing mortgages in late 2024.

Mortgage delinquencies are projected to rise to 0.27% later in 2025, potentially marking the highest level in over a decade.

Despite government and lender efforts to prevent defaults through extended amortization periods and other relief measures, delinquency rates continue climbing faster in the Greater Toronto Area than the national average.



Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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