Canadian Mortgages in Arrears At 2 Year Low

The number of residential mortgages in arrears continues to drop according to the most recent statistics released by the Canadian Bankers Association.

In August 2011 there were 16,761 mortgages in arrears in Canada, representing just 0.40% of the total mortgages.   That was the lowest level since July 2009 (or April 2009 if you’re looking at the %) and was the 7th consecutive monthly decline.

(click to enlarge) Source: CBA

Alberta had a total of 3,964 mortgages with payments that were behind by 3 or more months which made up 0.76% of the total residential mortgages. This also marked the 7th straight month of declines.  Y/Y there was a slight increase of almost 1% in arrears (3928 to 3964) but because of the additional 17k mortgages, the % compared to total mortgages decreased from 0.78% to 0.76%.

(click to enlarge image) Source: CBA

Quebec and Saskatchewan were the only provinces to record an increase month-over-month.

You can see the all the figures here 

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