The grand plan by Prime Minister Mark Carney is to make Canada’s economy the best in the G7. King Charles said so; his delivery of Tuesday’s Speech from the Throne was quite the spectacle.

But before we get carried away with our future selves, we need to focus on the here and now of Canadians being carried off by indebtedness. The federal government may be mapping out plans to lead the G7 in prosperity, but here in British Columbia, many households are struggling to stay upright.

The latest Equifax data on consumer debt tells the story plainly and paints an unpretty picture: we are not in a cycle of manageable discomfort, but on the cusp of structural instability.

Let’s start with mortgages. The “Great Renewal” of pandemic-era borrowing has arrived painfully for many British Columbians. Homeowners at historically low rates face increases of hundreds of dollars a month. In the first three months of 2025, B.C.’s 90-plus-day mortgage delinquency rate jumped by one-third year-over-year. Only Ontario fared worse.

When mortgage payments jump, discretionary spending falls. That has downstream effects: on local businesses, on job creation, and on overall consumer confidence. This isn’t just about personal financial pain. It’s about macroeconomic drag.

The real gut punch is........

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