Mortgages in Arrears in Canada – What the Numbers Mean
Mortgage arrears in Canada are currently very low when compared to both historical data and international figures. Although there is potential for arrears rates to rise should the Canadian job market weaken, banks continue to pledge strong support for their clients during financial difficulties, consistent with their past actions.
"Banks remain committed to supporting their customers through periods of financial stress, as they have in the past."
Despite possible challenges ahead, the current stability of mortgage repayments reflects resilience in the housing finance sector.
Author's summary: Canada's mortgage arrears are minimal relative to historical and global trends, with banks prepared to assist borrowers amid any future economic downturns.