Manitoba delinquency rate rises amid cost of living strain: Equifax

Manitobans are increasingly missing credit card payments as the cost of living rises.

Non-mortgage debt in Manitoba jumped 1.84 per cent, when comparing January through March to the same time last year. Manitobans’ average non-mortgage debt hung around $18,568.

Meanwhile, the measure tracking when Manitobans pass payment deadlines by at least 90 days — called a delinquency rate — hiked 2.32 per cent year-over-year, according to new data from credit reporting agency Equifax Canada.

“It’s not the worst province, by a long way,” said Rebecca Oakes, Equifax vice-president of advanced analytics. “But … (there’s) also a little bit more financial stress than some of the other provinces.”

Equifax clocked lessening delinquency rates in most provinces last quarter. Manitoba’s year-over-year increase was beat only by Ontario (5.33 per cent) and British Columbia (2.97 per cent).

The keystone province’s 90-plus day delinquency rate — 1.8 per cent — was slightly higher than the national average of 1.77 per cent.

“There’s (something) on the affordability side or cost of living that’s really impacting the province,” Oakes said.

Manitobans’ average non-mortgage debt continues to be the lowest among provinces. Still, the number rose while generally, across Canada, non-mortgage debt dropped.

People pulled back on spending post-holidays and paid their credit card bills in full, Oakes noted.

“Maybe consumers have been a bit more prudent,” Oakes said of Canadians. “Some of that, we believe, is a little bit linked to a drop in consumer confidence. These are really uncertain times globally and in Canada.”

“There’s (something) on the affordability side or cost of living that’s really impacting the province.”

Laurie Boudreau didn’t seem surprised by Manitoba bucking the national trend.

More people have been looking for the lowest mortgage payment possible upon renewal, Boudreau, a mortgage broker, said. Often, this means extending mortgages by years to keep monthly payments down.

“A lot of people won’t retire … until their mortgage is paid off,” Boudreau said. “So that’s definitely delaying that.”

Nationally, homeowner insolvency volumes jumped more than 11 per cent this quarter compared to the final quarter of 2025, Equifax found.

The Bank of Canada’s key policy rate has sat at 2.25 per cent since October. It was 0.25 per cent in 2021, due to the impact of the COVID-19 pandemic.

As interest rates have recently risen — and inflation has skyrocketed — the number of people asking Boudreau to extend their mortgage has roughly doubled, she said.

Clients are also lamenting other bills, including property taxes, gas and groceries.

“A lot of people who want to buy a house, we’ve noticed this year that (when they) fill out an application, they have such high vehicle payments that it’s impeding them from even being able to be pre-approved,” Boudreau said.

Equifax data show new captive auto loans fell in 2026’s first quarter. The roughly five per cent year-over-year dip hit a three-year low.

Michele Schaubroeck has reduced her driving time. Some unnecessary trips have been cut because of higher gas prices, she said while shopping in a Walmart in Winnipeg on Tuesday.

“A person needs to watch how much they spend,” Schaubroeck said, adding it’s “a concern” Manitobans are increasingly missing credit card payments and are, likely, plagued with high interest.

Elizabeth Abercrombie now carries a grocery list — something she implemented a few weeks ago as gasoline prices surged.

“It does speak to the fact that Manitobans … continue to be concerned about affordability.”

“There’s nothing coming down in price,” Abercrombie said while shopping, adding lists keep her from in-store distractions.

Equifax’s data show a “modest rise” in delinquencies, but Manitoba appears to be in a relatively good position compared to other provinces, Finance Minister Adrien Sala said.

“It does speak to the fact that Manitobans … continue to be concerned about affordability,” he said. “The most important thing we can do as a government is put more money back in Manitobans’ pockets.”

He highlighted measures in the provincial budget, including cutting the PST on groceries. The New Democrats say they aim to pass the budget bill this week.

“Manitobans are putting themselves more and more into credit card debt, so clearly Manitoba is trending in the wrong direction,” said Lauren Stone, finance critic for the Opposition Progressive Conservatives.

gabrielle.piche@winnipegfreepress.com