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Ontario keeps seeing spikes in people defaulting on housing and other bills

The cost of living in Ontario has become astronomical (and is getting worse), the unemployment rate is skyrocketing, U.S. tariffs on Canadian imports are weighing on everyone, and a recession is on the horizon, if not already here.So, it's no wonder that more and more people across Canada are straining to cover their basic costs of living, including their rent, mortgage, credit card and other bills, particularly in Southern Ontario.Credit reporting firms and other companies have been raising alarm bells about the nation's growing consumer debt — which ballooned to a staggering $2.56 trillion by the end of 2024 — as well as escalating delinquency rates for mortgage and other payments.New data from RBC further bolsters these concerns, with the bank's execs this week citing an uptick in people defaulting on their residential mortgage payments.During a recent investor presentation and subsequent earnings call, it ...


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