SASK The mortgage rate is the highest between the provinces, but it is deteriorating in the ONT. And BC
Tyler Frenseen lost his Saskatoon house in this spring after missing the mortgage payment due to financial conditions and life situations, which sent him to a tipping point.
“I just felt a little defeated,” Frances said, whose father had recently died of cancer. “I was trying to do this by myself and I did not want to put a burden on any of my family. We are getting a lot.”
Frence lost his job as a contractor during the Kovid -19 epidemic. Then there was inflation on material, gas and grocery items. Paying for your mortgage became more and more difficult.
“I, like everyone, I am not right and so to share it for me, it would give someone the idea that they are not alone, because this is what I felt for a while,” he said.
Frence is not alone in his struggle. According to the latest data, Suskechewan and many household owners across the country are lagging behind the mortgage payment.
Tyler Frances is lagging behind his mortgage payment and is not alone in Suskechewan. But analysts say it is not as bad as it is looking for the province.
Sansk. The highest rate of all provinces is
According to Equifax Canada, Suskechewan doubled the highest mortgage delay rate (0.37 percent) and national average (0.19 percent) in Q1 2025 of all provinces.
However, experts say Suskechewan is in a better place as it may appear.
Rebecca Ox, vice president of Advanced Analytics at Equifax, said fewer people were missing the payment of hostage in Saskatchewan five years ago.
“It’s not very good news, but it’s a better picture. While areas like Ontario are still watching significant growth,” Ox said.
“I especially know for Ontario, I think this is the highest level we have ever seen.”
Matt Fabian, director of financial services in Transonian Canada, agreed.
“The Suskechewan economy continues to grow, this is the lowest unemployment rate in Canada,” Fabian said. “I think when we see in Canada, southern Ontario and British Columbia are still facing serious strength challenges and higher crimes.”
Fabian said that many people are facing payment shocks that come up with renewal of hostage at rates that were available during the epidemic. Inflation is a double-vami to make everything more expensive.
“You can renew a double or triple that you have ever done,” Fabian said. “It has made a shock of this payment, where we have seen that the average monthly mortgage payment has doubled from 10 percent to double.”
Big picture
Both experts stated that they are closely looking at the hostage renewal, cutting the bank rates, and tariffs from the US remain an important factor in economic stability.
Fabian said, “Such criminal rates will begin to stabilize as interest rates and inflation. What we are really seeing is the effect of things like tariffs.”
“When you wonder where the tariffs are imposed, we do not think it will be a national growth. We feel that the industries that are targeted for tariffs in areas can start looking at the unemployment rate, which is usually a prediction of some fragility.”
For Frances, the experience of losing a house, he has put his time, effort and money, has been painful, but he is trying to look at the bright side. He said that he can now focus more on staying there for his mother and himself.
For now, the bank has allowed him to stay at home until the criminal and legal procedures are completed.
“This situation, this is a movement in my life, and I am grateful for it,” said Frances.
“I thought I was a little stuck.”
