Whereas owners in Hamilton shoulder 23 occasions extra complete debt than non-homeowners, they’re much less prone to miss invoice funds, based on a brand new report by the credit score and monetary providers firm Borrowell.The report — launched Thursday and based mostly off greater than 874,000 credit score stories from residents in 15 main Canadian cities — highlights a correlation between the rising prices of residing and housing inequality.“It’s clear why the rising value of residing is the primary subject for Canadians main as much as this election, with many communities throughout the nation dealing with vital pressure,” Andrew Graham, co-founder and chief govt officer of Borrowell, mentioned in a launch.“One in each 5 Canadians on common has no less than one missed invoice fee. Each invoice fee issues, and one delinquent invoice may be the distinction between being authorized or denied for added credit score.”In keeping with the report, which pored over 13,723 credit score stories from metropolis residents, near 24 out of 100 individuals in Hamilton with out actual property missed a invoice fee — greater than 4 occasions the variety of owners at almost six out of 100. And that’s regardless of non-homeowners having roughly $365,500 much less complete debt than owners. In Hamilton, the common debt of people that don’t personal houses is $16,353, in comparison with native owners, whose common mortgage stability is $354,767 and who additionally carry $27,119 in non-mortgage debt.The town’s non-homeowner missed invoice fee price of 0.236 ranked highest in Ontario — forward of London (0.218), Ottawa (0.179) and Toronto (0.129) — and fifth highest in Canada, the report discovered.Hamilton owners clocked in with a missed invoice fee price of 0.056 — second highest in Ontario, however roughly half the nationwide common of 0.107. The report suggests owners and non-homeowners in Canada are experiencing monetary difficulties very in a different way.“These missed fee stats point out that rising residing prices are fairly pronounced for non-homeowners or renters in these main cities,” Borrowell mentioned within the report.