Canada is in a RECESSION!
"Mortgage delinquency rates ROSE 52.3% in the last quarter of 2023"
Ontario mortgage delinquency rates are at 135% !?!
"Delinquency rates for non-mortgages including credit cards rose almost 30%"
This is absolutely nuts…
🚨🚨🚨 pic.twitter.com/1kBguAkcWD
— Wall Street Mav (@WallStreetMav) March 27, 2024
More Canadians are beginning to crack under the pressure of increased mortgage payments, new data on consumer credit showed today.
Mortgage delinquency rates were up more than 50 per cent at the end of last year from the year before, with two provinces leading the way, says the Equifax Canada credit trends report for the fourth quarter.
In Ontario and British Columbia, the country’s most expensive housing markets, delinquency rates soared by 135.2 per cent and 62 per cent, respectively, rising above pre-pandemic levels.
An especially “worrying trend” is a sharp increase in mortgage borrowers filing for bankruptcy, the report says. Canada-wide, such filings are up 23 per cent, but in Ontario and British Columbia, bankruptcy filings spiked by 76.5 per cent and 46.5 per cent, respectively.
https://financialpost.com/news/mortgage-delinquency-rates-ontario-british-columbia-soar
https://twitter.com/geoeconomic10/status/1772632613674451353
A secret RCMP report is warning the federal government that Canada may descend into civil unrest once citizens realize the hopelessness of their economic situation.
“The coming period of recession will … accelerate the decline in living standards that the younger generations…
— The_Real_Fly (@The_Real_Fly) March 21, 2024