The Star: Bank warns mortgage delinquencies could rise by more than one third as homeowners struggle to make payments
Mortgage delinquencies could rise by more than a third over current levels during the coming year, as pandemic-related support measures are largely over and living costs continue to soar, a recent RBC report warns. The bank forecasts the household debt-to-service ratio could rise more than a percentage point over the next year, to a historical high of 15.5 per cent by the fourth quarter of 2024. And, consumer insolvencies could increase by nearly 30 per cent over the next three years, returning to pre-pandemic levels and likely remaining on an upward trajectory.
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