👉Equifax Canada reports a spike in missed mortgage and credit card payments in Ontario and British Columbia during Q4 2023, driven by higher interest rates and inflation. Mortgage delinquency rates in Ontario surged by 135.2%, while B.C. saw a 62.2% increase, surpassing pre-pandemic levels. Financially stressed homeowners, especially those aged 36 and younger, face payment shocks during mortgage renewals. Housing price disparities contribute to the heightened delinquency in B.C. and Ontario. Nationally, mortgage delinquency rates rose by 52.3%, with total consumer debt reaching $2.45 trillion. Monthly mortgage payments post-renewal increased by $457 on average.✅ . 𝐄𝐱𝐩𝐞𝐫𝐭 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐀𝐝𝐯𝐢𝐬𝐞- 𝐀𝐭 𝐚 𝐭𝐢𝐦𝐞 𝐚𝐧𝐝 𝐩𝐥𝐚𝐜𝐞 𝐜𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐭 𝐟𝐨𝐫 𝐲𝐨𝐮! 𝐉𝐨𝐦 𝐌𝐚𝐭𝐭𝐚𝐦 𝐌𝐨𝐛𝐢𝐥𝐞 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐀𝐝𝐯𝐢𝐬𝐨𝐫 +𝟏 𝟔𝟒𝟕 𝟗𝟐𝟎 𝟔𝟓𝟑𝟎 𝐣𝐨𝐦.𝐦𝐚𝐭𝐭𝐚𝐦@𝐜𝐢𝐛𝐜.𝐜𝐨𝐦 @jom_mattam . . #MortgageCrisis #FinancialStrain #DebtConcerns #HousingMarket #CreditCardDebt #InterestRateImpact #CanadianFinance #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉Canada's annual inflation rate held steady at 3.1% in November, according to Statistics Canada. The report indicates that higher prices for recreation and clothing contributed to inflation pressures. However, there's positive news on the grocery front, with the pace of price increases slowing for a fifth consecutive month. Grocery prices rose 4.7% year-over-year, marking a slowdown from October's 5.4%. The Bank of Canada has maintained its key interest rate at 5%, citing encouragement from the economic slowdown and easing inflation. Governor Tiff Macklem acknowledged potential challenges but did not rule out another rate hike.✅ . . #EconomicUpdate #FinancialNews #ConsumerPrices #InflationData #CanadianFinance #CanadaInflation #CanadFoodPrice #mnm #malayalisnearmeapp #canadaupdate #canadanews