The Globe and Mail reports in its Tuesday, Feb. 25, edition that more Ontario homeowners are missing mortgage payments due to rising renewal rates. The Globe's Rachelle Younglai writes that the mortgage delinquency rate, in which a homeowner has not made a payment for at least 90 days, rose to 0.22 per cent according to Equifax, up from 0.19 per cent in the previous quarter and 0.12 per cent in late 2023. Even though the Bank of Canada has aggressively cut interest rates, the data suggest that borrowing costs are overwhelming homeowners who are still facing higher rates upon renewal than they had when they took out the mortgage. Equifax's Rebecca Oakes says: "More consumers [are] struggling. We are not seeing delinquency rates slowing." Equifax found that homeowners with more than 11,000 mortgages in Ontario recorded a missed payment in the fourth quarter. The Globe says the missed payments foreshadow an increase in the 90-day delinquency rate this year. Equifax says mortgage holders who are falling behind in their payments are also carrying large mortgage balances. The financial shock at renewal is less severe due to the BOC lowering its benchmark interest rate from 5 per cent to 3 per cent since June.