Fewer Mortgages In Arrears: June 2012

The number of Alberta mortgages in arrears fell for the third consecutive month according to the Canadian Banker’s Association report released today.

In June there were 3,193 mortgages behind on their payments by 3 or more months, down from the 3,296 recorded in May.  That puts June’s percentage of arrears to total number of mortgages at 0.61% which is the lowest it has been since June 2009.

Still, at 0.61%, it’s the highest percentage of all the provinces.  BC and the Atlantic were the next highest at 0.43%.  Canada-wide the arrears rate was 0.33%

Alberta Mortgage Arrears (click to enlarge image)

You can download the entire June 2012 Mortgages in Arrears Report here

2 responses to “Fewer Mortgages In Arrears: June 2012

  1. Scotiabank on translating Mark Carney’s speech today:

    Developments in the US obviously took center stage today but Canada was fairly busy as well with a major economic data release and a speech from BoC Governor Mark Carney. His remarks highlighted the hawkish bent that the BoC has taken of late not least by emphasizing that Canada is approaching the limits of a growth model focused on robust “domestic demand” and needs to move towards more exports.

    We read that to mean that the housing economy is playing too large of a role in the BoC’s view.

    In that vein, Gov. Carney saluted various measures that have been introduced to dampen the housing sector and added that “Monetary policy has remained focused on the inflation target, although under flexible inflation targeting the Bank of Canada is prepared to support regulatory efforts, if necessary, and consistent with price stability over the medium term, to ensure balanced and sustainable growth.”

    We translate this to mean that the BoC remains concerned about the housing market even after recent moves by regulators other than the BoC to cool real estate markets.

  2. Scotiabank on retail sales:

    Has the home reno market peaked? Sales at building materials and outdoor supplies retailers are slipping rapidly. They have fallen by about 5% in nominal seasonally adjusted terms since March, and are 7.3% lower than the December peak. Those are fairly large declines within a relatively tight interval of time, and confirm the cooling evidence in summer time housing markets.

    Home Renos (click to enlarge image)

Please feel free to post your comment or question

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s