Canada’s Mortgage Arrears Rate Steady In May

Canada’s residential mortgage arrears rate remained unchanged at 0.31% in May according to the Canadian Bankers Association.

The arrears rate also remained unchanged from the previous month in Quebec, Ontario, Manitoba, and British Columbia.

For BC, it was the 6th consecutive month the rate sat at 0.45% which is the second highest rate in the country behind the Atlantic provinces.

“After rising during the recession, the rate of mortgage arrears has been trending downward in the past few years, but recently has stabilized at a rate close to 10 points higher than seen before the recession”CIBC, The Bankruptcy Report, August 2013

In Alberta and Saskatchewan, however, the number of residential mortgage behind in payments by 3 or more months continued to fall.

Alberta’s arrears rate now sits at 0.42%, the lowest level since December 2008.

You can download the entire report:  here pdf

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