A recent Equifax Canada report reveals a concerning trend: rising financial trade delinquencies among small and mid-sized businesses in Ontario, particularly within the real estate, rental, and leasing sectors (up 24.5%). This credit crunch could significantly impact GTA business owners seeking mortgages, especially self-employed individuals already facing stricter lending criteria. The report highlights a divergence in the Canadian economy, with some businesses thriving while others struggle with debt and higher interest rates. Ontario recorded the highest financial trade delinquency rate at 3.88%, a 12.90% year-over-year increase. This situation may lead to tighter lending conditions and increased reliance on private mortgage solutions for business owners. Read the full report on mpamag.com to understand the implications for the GTA mortgage market.
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