More Canadians Behind On Mortgage Payments

The number of Canadians behind on their mortgage payments by three or more months increased from 13,440 in July to 13,779 in August, according to data released by the Canadian Bankers Association yesterday.

That increase resulted in the arrears rate being bumped up to 0.31% from 0.30%.  However, mortgage arrears were still down on an annual basis. In August 2012, there were 14,251 Canadians in arrears representing 0.33% of total residential mortgages.

Every province except for one experienced a month-over-month increase in mortgage arrears;  Alberta was the only exception.

Alberta’s arrears rate remained at 0.41% with the number of delinquincies falling slightly from 2,199 to 2,183.   Year-over-year, there were 27% fewer Albertans behind on their mortgage payments.

You can download the entire report here pdf

The number of Albertans behind on their mortgage payments has been steadily declining

The number of Albertans behind on their mortgage payments has been steadily declining over the past several years.

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