Ontario Mortgage Arrears Are Still Rising — What to Do Before Your Renewal
By Naveen Vadlamudi, Real Estate Broker, Royal Canadian Realty, Brokerage Ontario mortgage arrears are still rising, and the increase is concentrated where it hurts most: renewals. This post explains what the numbers mean, why they are moving, and what to do before your renewal arrives. What arrears actually are Arrears means behind, not lost. A mortgage in arrears is one where the borrower has missed a payment, usually by 90 days or more. It is a warning, not a verdict. That distinction matters. A borrower in arrears is not a borrower who has lost the home. The home is still theirs, the mortgage is still theirs, and there is still time to fix it. But the number is moving in the wrong direction. Arrears in Ontario have been rising for several quarters, and the increase is not confined to one city or one lender. It is broad, and it is steady. Why arrears are rising now The reason is not complicated. Payments went up, incomes did not keep pace, and the gap is showing up in the a...
