Total household debt in Canada has reached $2.55 trillion, with non-mortgage debt averaging $21,859 per consumer. The situation is particularly concerning in Ontario, where mortgage delinquency rates have increased by 71.5% year-over-year.

• A "mortgage renewal wall" is approaching, with about 60% of all outstanding mortgages coming up for renewal in the next couple of years, facing significantly higher interest rates (4-5% range compared to previous sub-2% rates).
• Nearly a third of mortgage renewers are using debt to pay off other debt, while younger borrowers and lower-income households are showing increasing signs of financial stress.
• Credit card spending has decreased to its lowest since March 2022, suggesting cautious consumer behavior, but payment rates are falling, especially among Canadians under 35.

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