The Canadian Banker Association (CBA) released the arrears figures for July 2012 which revealed some provinces had an uptick in the amount of owners behind in their mortgages by 3 or more months.
The provinces that saw a month-over-month rise were:
- Atlantic provinces
In BC and Ontario, the two most-oft mentioned bubble hotspots in Canada, surprisingly saw their mortgage arrears rates drop but the correction has just begun there.
Alberta mortgage in arrears rates fell to 0.59% – it’s the first time below 0.6% since May 2009. Total mortgages in arrears were 3,117.
Canada-wide, the arrears rate was unchanged at 0.33%, but the actual figure declined from the previous month.
You can download the entire report here