The Headline Numbers
The two bureaus measure total consumer debt slightly differently: Equifax Canada put it at $2.68 trillion in Q2 2026, up 4.18% in a year, and TransUnion Canada at $2.64 trillion, up 4.6%.3,4 Both agree on the direction: debt is still growing.
Household Debt Against Income
Statistics Canada’s debt-to-income ratio compares what households owe to what they have left after taxes. It fell sharply in 2020, peaked in 2022 and is lower now than at that peak.1
| Period | Debt to disposable income |
|---|---|
| Q2 2019 | 184.1% |
| Q2 2020 | 166.2% |
| Q2 2021 | 180.7% |
| Q2 2022 | 187.7% |
| Q2 2023 | 183.8% |
| Q2 2024 | 176.8% |
| Q2 2025 | 177.3% |
| Q2 2026 | 176.4% |
The payment burden tells the same story. Households spent 14.52% of disposable income on debt payments in Q2 2026, down from 15.09% in Q2 2024. Mortgage payments took 7.72% and non-mortgage payments 6.80%.2
Delinquency Is Edging Up
Early-stage late payments are falling while serious ones rise. TransUnion’s data shows fewer consumers 30 days behind than two years ago, but more who have reached 90 days.4
| Period | 30+ days past due | 90+ days past due |
|---|---|---|
| Q2 2024 | 4.41% | 1.74% |
| Q2 2025 | 4.34% | 1.77% |
| Q2 2026 | 4.27% | 1.81% |
Equifax Canada’s product figures for Q2 2026:3
Mortgages are still paid on time by almost everyone: TransUnion found 99.7% of mortgage holders paying on time, with 60+ day mortgage delinquency at 0.29% of consumers, up 3 basis points in a year.4 Insolvencies are higher than two years ago, at 1.10% of consumers in Q2 2026 against 0.94% in Q2 2024, and about 80% of filings are consumer proposals rather than bankruptcies.4
Where the Stress Is: Ontario and Younger Borrowers
Ontario stands out in both bureaus’ data. Equifax Canada reports Ontario’s 90+ day non-mortgage delinquency rate at 1.95% of consumers in Q2 2026, up 8.05% in a year, against 1.83% nationally; Ontario mortgage holders’ rate rose 27% in a year, and 90+ day missed mortgage payments in Ontario have risen every quarter for four years.3 TransUnion recorded the largest provincial rise in mortgage delinquency in Ontario.4
| Period | 90+ day rate (consumers) |
|---|---|
| 18 to 25 | 2.5% |
| 26 to 35 | 2.62% |
| 36 to 45 | 2.29% |
| 46 to 55 | 1.88% |
| 56 to 65 | 1.31% |
| 65+ | 0.82% |
Delinquency is highest among borrowers aged 26 to 35 and lowest among those over 65.3 The gap between owners and everyone else is wide too: in Q2 2026 Equifax put the 90+ day non-mortgage rate at 0.77% for mortgage holders and 2.5% for consumers without a mortgage, a group that includes renters.3 Neither bureau publishes a figure for renters alone.
What This Means for Screening
For Ontario REALTORs® and landlords, these are population trends, not a verdict on any applicant. Three things carry over into reading a file:
- Recency matters more now. With serious delinquency rising while early lateness falls, a recent 90-day late or new collection is a stronger signal than an old 30-day late. How to Read a Tenant Credit Report in Canada covers what to weigh.
- Check the monthly obligations. Card and auto balances are growing, so read the trade lines for fixed payments the applicant already owes, not just the score.
- Don’t screen to an average. A market delinquency rate says nothing about the applicant in front of you, and Ontario does not let a landlord equate no credit history with bad credit.5 See What Credit Score Do You Need to Rent in Ontario?.
Applicants with thin files are covered in Screening Tenants With No Canadian Credit History.
Questions
What Is Canada’s Household Debt-to-Income Ratio?
176.4% in Q2 2026, seasonally adjusted: households owed about $1.76 in credit market debt for every dollar of disposable income, down from 178.6% in Q1.1
Are Credit Card Delinquencies Rising in Canada?
Slightly, year over year. Equifax Canada put the 90+ day credit card delinquency rate at 4.19% in Q2 2026, down from 4.28% in Q1 but 6.8% higher than a year earlier.3
Sources
- Table 38-10-0238-01 Household sector credit market summary table, seasonally adjusted estimates
Statistics Canada, Credit market debt to disposable income (v1038036698), Q2 2019 to Q2 2026. Accessed October 22, 2026.
- Table 11-10-0065-01 Debt service indicators of households, national balance sheet accounts
Statistics Canada, Debt service ratio, mortgage and non-mortgage debt service ratios, seasonally adjusted, Q2 2024 and Q2 2026. Accessed October 22, 2026.
- Non-mortgage delinquency growth slows in second quarter, but Ontario homeowners remain under pressure
Equifax Canada, Market Pulse release dated August 24, 2026; age group and province analysis tables. Accessed October 22, 2026.
- Canadian consumer debt reaches record $2.64 trillion as financial realities differ across households
TransUnion Canada Newsroom, Q2 2026 Credit Industry Insights Report release dated August 25, 2026; consumer delinquency table. Accessed October 22, 2026.
- Policy on human rights and rental housing, V. Identifying discrimination in rental housing
Ontario Human Rights Commission, s. 4.2.4 Credit history. Accessed October 22, 2026.
