More and more people are finding themselves unable to pay their mortgages in Ontario as our real estate prices and overall cost of living remain too high for many to afford, even with interest rates on the way down.

The province unfortunately just hit a new high for mortgage debt, according to new numbers from Equifax Canada, topping an astounding $1 billion and counting as of the end of last year.

The credit bureau's latest report on consumer credit trends also shows that mortgage delinquency rates — which is the number of people who are missing deadlines for payments on their home loan — are skyrocketing in both Ontario and B.C.

In the western province, past due payments spiked by 62.2 per cent in the fourth quarter of 2023 when compared to the same time in 2022. In Ontario, things are even worse, with mortgage delinquency increasing by a shocking 135.2 per cent over the same time period.

"Financially stressed mortgage holders in these provinces are also increasingly missing payments on their credit cards," Equifax wrote in its findings in March.

"Missed payment levels in Ontario are primarily being driven by younger homeowners (defined as 36 years of age and under) where both balance and account delinquency rates are now higher than in 2019."

It adds that because home prices and thus loan amounts are lower elsewhere in the country, the data shows people from other provinces aren't being hit as hard by these debts.

Homeowners who had to renew their mortgages in a higher interest rate environment in these two pricier provinces also saw their bills increase by an average of more than a whopping $680 per month — nearly 50 per cent more than the $457 hike in monthly mortgage payments for Canadians in general renewing in 2023.

This is leading to people struggling to cover other bills, like their credit card, and also more people filing for bankruptcy in Ontario and B.C. in particular. A total of 23.2 per cent more Canadian mortgage holders filed for insolvency in 2023, compared with 46.5 per cent more in B.C. and a far worse 76.5 per cent more in Ontario.

"The high cost of living continues to have an impact across all consumer segments, and is leading to a worrying increase in non-mortgage delinquency rates. Over 153,000 more consumers missed payments on credit products, surpassing 2019 levels," the report continues.

"Furthermore, the non-bank auto sector, used car bank loans, and unsecured lines of credit also show rising arrears levels, signaling forthcoming challenges."