# @realwillmansour on Instagram

- **Type:** Video
- **Original URL:** https://www.instagram.com/p/C4QcrgGqbPf
- **Gondola URL:** https://gondola.cc/posts/61625083-realwillmansour-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/78dae26bab.jpg
- **Posted:** 2024-03-08T14:42:19.000+00:00
- **Account Owner:** Will Mansour (@realwillmansour) — https://gondola.cc/realwillmansour

## Caption

🚨 Financial Alert: Canada's Mortgage Squeeze 🚨

Canadians are navigating the choppy waters of today's mortgage market. 

1️⃣ Mortgage Delinquency Rates Surge: Last year ended with a 50%+ hike in mortgage delinquencies, hitting hardest in Ontario and BC, where rates soared by 135.2% and 62%, respectively.

2️⃣ Bankruptcy on the Rise: An alarming trend emerges as mortgage borrowers filing for bankruptcy increased by 23% nationwide, with significant spikes in Ontario and BC.

3️⃣ Renewal Sticker Shock: Homeowners renewing mortgages in Q4 2023 faced steep payment increases, averaging $457 more per month — even higher in Ontario and BC.

4️⃣ Credit Card Payments Lag: Amidst rising mortgage payments, more Canadians, especially younger homeowners, are struggling to keep up with their credit card bills.

5️⃣ Non-Mortgage Debt Climbs: Despite a 4.1% increase in non-mortgage debt, mainly from credit cards, it's not due to more spending but rather reduced payment levels.

The financial strain is real, and it's stretching Canadian budgets to their limits. Let's navigate these challenging times together. 💪🇨🇦

Source: Financial Post & Equifax

#CanadianMortgages #FinancialWellness #DebtManagement #HousingCrisis #Bankruptcy #CreditCardDebt #MortgageRates #FinancialStrain #Ontario #BritishColumbia

## Stats

- **Views:** 159
- **Likes:** 25
- **Shares:** 0
- **Comments:** 1

## Tags

debtmanagement, creditcarddebt, britishcolumbia, mortgagerates, bankruptcy, canadianmortgages, ontario, housingcrisis, financialwellness, financialstrain

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