From mortgages to credit cards, Sask. falling behind on payments more than anywhere else in Canada
CBC
Saskatchewan has Canada's highest percentage of mortgage-holders who are behind on their payments, but data shows the financial stress gripping the province goes beyond that.
According to the latest MNP Consumer Debt Index, Ipsos data shows more residents in Saskatchewan and Manitoba are left with less than $200 at the end of the month than in other provinces — barely enough to handle an unexpected expense before the bills stop getting paid.
"Everyone's feeling the crunch. It doesn't matter what we're talking about — life is just getting more and more expensive,” Saskatoon mortgage broker Mitch Brushett said in an interview.
Meanwhile, Ipsos data shows the number of Saskatchewan and Manitoba residents with six months of emergency savings dropped 10 points in the final quarter of 2025 — leaving many households with little to fall back on when something goes wrong.
The MNP Consumer Debt Index is based on an Ipsos online survey of 2,001 Canadians conducted between Nov. 28 and Dec. 1, 2025. The poll is considered accurate to within ±2.7 percentage points, 19 times out of 20. Because Saskatchewan and Manitoba are grouped together in the survey, the regional figures reflect both provinces combined.
Saskatchewan has been near the top of the list for mortgage delinquencies for years. Its share of individual mortgages that are more than 90 days past due was the highest in the country at 0.40 per cent in the third quarter of 2025.
The national rate is 0.22 per cent, according to the Canada Mortgage and Housing Corporation’s recent analysis.
The good news is that number has been declining, said Kathy Catsiliras, vice president of analytical consulting at Equifax Canada.
"It is still higher than the national average, but it's descending, so there's some great news there."
When delinquency is measured by the dollar value of mortgages in default rather than the raw count, Saskatchewan looks less alarming, Catsiliras said.
Its balance-based delinquency rate of 0.28 per cent in the fourth quarter of 2025 sits just above the national average of 0.26 per cent— and it fell more than nine per cent year over year, while Ontario's surged over 50 per cent and B.C.'s jumped nearly 39 per cent.
Because housing prices are lower in Saskatchewan, the average mortgage balance is around $193,000 — roughly 45 per cent below the national average of $280,000, Catsiliras said.
When interest rates rise at renewal, that smaller base means smaller payment shocks.
Catsiliras said a rate increase could cost a Saskatchewan resident around $100 to $150 more per month, but it could cost an Ontario or B.C. homeowner $700 to $900 more.
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