Alberta No Longer Has The Highest Mortgage Arrears Rate

Alberta had the dubious distinction of the single province with the highest mortgage arrears rate since September 2008 when it took top spot from Ontario.

The Canadian Bankers Association released April 2013 figures showing the number of residential mortgages in arrears by 3 or more months in Alberta dropped to 0.43% bringing the rate to the lowest level since December 2008.

Aside from the conglomeration of Atlantic Provinces the CBA groups together, BC now has the highest arrears rate at 0.47%

In Canada, the overall arrears rate is now at 0.31%, the lowest level since November 2008.

Alberta has been making a steady recovery after peaking in January 2011, as you can see in the chart below.

Mortgage Arrears - April 2013

Alberta Mortgage Arrears (click to enlarge image)

Alberta Mortgage Arrears (click to enlarge image)

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