Ontarians are feeling the squeeze as the cost of living continues to rise strongly. From groceries to mortgages, many are struggling to keep up with expenses.
According to an ADP Research survey, 56% of working Canadians are living paycheque to paycheque. For homeowners, that struggle is showing up in rising mortgage delinquencies. Equifax Canada’s Q4 2024 report found that Ontario’s mortgage delinquency rate jumped 90.2% year-over-year, reaching a recent high of 0.22%. More than 11,000 Ontario mortgages recorded missed payments in Q4 2024, nearly three times the number recorded in 2022.
Renters are also feeling the strain. The Landlord and Tenant Board reports almost 90% of applications are made by landlords, many for eviction due to unpaid rent.
To help ease the burden, the Ontario government began rolling out $200 rebate cheques to taxpayers in January. But four months later, many residents are still waiting for their money. For those counting on these funds to help cover rent or bills, delays only add to the frustration.
If you haven’t noticed an uptick in late or missing rent payments yet, you might soon. As tenants adjust their budgets to keep up with rising costs, some may struggle to pay rent on time – or at all.
Here’s how you can help mitigate risk while supporting your tenants:
- Automated payment reminders can help tenants stay on track and avoid falling into arrears
- Breaking arrears up into installments may provide temporary relief while ensuring it still gets paid
- Direct tenants to available resources, whether local rent assistance programs or food banks
With financial pressures mounting, property managers need to be proactive. Supporting tenants through tough times can help prevent minor financial struggles from turning into major rent arrears and evictions.
More payment headlines
How to handle partial rent payments – PayProp blog
Toronto declares a food insecurity emergency – Daily Bread Food Bank
‘I give up’: Ontario landlord says he is owed $25,000 in back rent – CTV News
