For the 6th straight month the amount of residential mortgages in arrears has crept lower according to statistics released by the Canadian Banker’s Association.
In July there were 4030 Albertans behind at least 3 months in their payments, down from the 4091 recorded in the previous month. This brought the percentage of arrears to total mortgages to 0.78% which remains the highest in the country. Despite the positive trend in recent months, arrears are up 6% year-over-year.
In Canada overall, there 16,948 mortgages in arrears (0.40%) Ontario made significant improvements with their arrears dropping 13% from the previous July.
Note: Includes data from BMO, CIBC, HSBC Bank Canada, National Bank of Canada, RBC Royal Bank, Scotiabank, and TD Canada Trust.
Canadian Western Bank and Manulife Bank (as of April 2004)
You can view the PDF file of CBA July 2011 stats here