In Canada we know hockey, and in hockey being offside means you have crossed the defending team's blueline before the puck. Being offside is a quick way to end a goal scoring opportunity and keep your team on the outside (of the zone) looking in.
Unfortunately, a large and increasing number of Canadian homeowners are finding themselves offside on their mortgages. Mortgage delinquencies were up 50% last year compared to the prior year and the expensive housing markets of British Columbia and Ontario have seen 135.2% and 62% rises respectively in delinquencies from pre-pandemic levels.
There has also been an notable increase in homeowners filing for bankruptcy coinciding with the rise in delinquencies.
That's pretty much the TLDR version but if you want to read more, here is a link to the article I got the data from https://financialpost.com/news/mortgage-delinquency-rates-ontario-british-columbia-soar
Cheers,
GR