(Note: The arrears figures for 2011 and some of 2010 have now been revised with the latest report released today)
In Canada, the arrears rate was 0.37% in March with 16,043 residential mortgages in arrears by 3 or more months. That’s down from the 17,974 recorded in March 2011 that made up 0.43% of the total number of mortgages.
At 0.37%, it’s at the lowest percentage since January 2009.
In Alberta, there were 3,609 mortgages in arrears in March representing 0.69% of the total residential mortgages. Compare that to 4,150 (0.82%) from March 2011. At 0.69%, it brings us back to October 2009’s level.
Between February and March, Alberta and BC were the only 2 provinces to record a month-over-month increase in the percentage of arrears to total mortgages.
The CBA includes data from BMO, CIBC, HSBC Bank Canada, National Bank of Canada, RBC Royal Bank, Scotiabank, and TD Canada Trust. Canadian Western Bank, Manulife Bank (as of April 2004) and Laurentian Bank (as of October 2010)
You can view the source data for all of the provinces here