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Home/Real Estate/MORTGAGE APPLICATION VOLUME

First-Party Fraud Surges in Canada, Costing Lenders Hundreds of Millions

DF

Drew Fairfax

mortgage application volume · Apr 17, 2026

First-Party Fraud Surges in Canada, Costing Lenders Hundreds of Millions

Source: DojiDoji Data Terminal

Credit card fraud losses in Ontario reached $123 million in 2025, driven by a surge in first-party fraud. This type of fraud, where applicants misrepresent their own financial information, nearly doubled in the credit card sector, rising from 0.08% to 0.15% between Q4 2024 and Q4 2025. Contradictory or mismatched data submitted by applicants now accounts for 77% of first-party credit card fraud cases, up from 59% the previous year.

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Mortgage Rates Hold Steady at 6.16% as Borrowers Weigh 15-Year Terms

A $400,000 mortgage at 6.16% over 30 years carries a monthly principal-and-interest payment of approximately $2,440. The average 30-year fixed mortgage rate is 6.16%, which rose one basis point on April 14, 2026. The average 15-year fixed mortgage rate is 5.65%, which also rose one basis point. A $400,000 loan at 5.65% over 15 years increases the monthly payment to approximately $3,300. This term reduces total interest paid over the life of the loan to $194,047, compared to $478,221 in total interest for the 30-year loan.

The banking sector also saw a significant increase in first-party fraud, which rose from 0.51% to 0.68% over the same period. Falsified financial information now makes up 21% of first-party banking fraud cases, while account abuse increased from 14% to 24%. These figures highlight a shift in fraud patterns, with more Canadians manipulating their own data to gain access to financial products.

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Unity Software shareholders experienced a revenue beat of $46.29 million over consensus estimates. This result follows a fourth-quarter revenue increase of 35% year-over-year to $609 million. The company reported these financial results after the market close on Monday. Despite the top-line growth, Unity reported a quarterly loss of 66 cents per share.

Consumers aged 35 and under represented the highest share of fraud-related credit losses in auto delinquency balances. Meanwhile, total reported fraud losses in Canada in 2025 exceeded $704 million, according to the Canadian Anti-Fraud Centre.

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Taxpayer perception diverges from $130 billion in income tax cuts

Forty percent of adults believe their taxes are much or somewhat higher, while 10% believe they are lower. This perception exists despite the One Big Beautiful Bill Act cutting individual income taxes by almost $130 billion and increasing the average tax refund by 11%. The act implemented seven major cuts last year. It increased the maximum child tax credit by $200 and the standard deduction by $750 for single filers and $1,500 for joint filers. Taxpayers earning under $500,000 saw the state and local tax deduction cap increase to $40,000. The law created a $6,000 additional deduction for seniors phasing out above $75,000 for individuals and $150,000 for joint filers, and a $10,000 auto loan interest deduction phasing out above $100,000 for individuals and $200,000 for joint filers. It also established deductions for up to $25,000 in tip income and up to $12,500 in overtime income for individuals, both phasing out above $150,000 for individuals and $300,000 for joint filers. Withholding tables are adjusting this year to provide these cuts through higher take-home pay. Ten percent of adults believe their taxes are somewhat or much lower.

mortgage application volume

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