The national mortgage delinquency rate decreased in the second quarter of 2025 for the first time in three years to 0.22 per cent. However, pockets of financial stress remain, particularly in Ontario, according to Canada Mortgage and Housing Corporation’s (CMHC) latest Residential Mortgage Industry Report.

Lower delinquency rates in Atlantic Canada, Quebec, and the Prairie provinces led to the quarter-over-quarter decrease in the national delinquency rate. In contrast, in Ontario, the mortgage delinquency rate (0.23 per cent) was above the national average for the first time since at least 2012. In British Columbia, mortgage delinquency rates increased from 0.16 per cent to 0.19 per cent between Q2 2024 and Q2 2025.

In Toronto, the mortgage delinquency rate increased from 0.15 per cent in Q2 2024 to 0.24 per cent in Q2 2025, a year-over-year increase of 60 per cent and a level not seen since Q3 2012.