While Equifax might disregard minor payment delays, a growing number of Canadians face the reality of rental arrears.
“It would have to be quite substantially late before it would be reflected,” FrontLobby CEO Zac Killam said.
Data from the Canadian Mortgage and Housing Corporation showed rental arrears rose in several major cities last year, with the national average for purpose-built rentals climbing from 6.5% in arrears in 2022 to 7.8% in 2023 amid affordability pressures.
“But we’re in a housing crisis, and more and more people, through no fault of their own, are struggling to pay their rent on time,” warned Dale Whitmore, the director of policy and law reform at the Canadian Centre for Housing Rights. “Our worry is that the reverse of what they’re saying could also be the case. If somebody hasn’t always been able to pay their rent on time, that could be counted against them. And that could be really harmful.”
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
