The percentage of mortgages in arrears was unchanged between August & September according to the Canadian Bankers Association.
In September, there were a total of 13,931 residential mortgages in Canada behind by at least 3 months representing 0.31% of mortgages.
Alberta’s arrears rate remained constant at 0.41% (2,188) for the third straight month, but was much improved from the 0.56% (2,953) recorded the previous year.
Ontario had the lowest arrears rate at 0.20% while the Atlantic provinces had the highest rate at 0.49% followed by BC at 0.47%
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The report includes data from the following banks: BMO, CIBC, HSBC Bank Canada, National Bank of Canada, RBC Royal Bank, Scotiabank, TD Canada Trust, Canadian Western Bank, Manulife Bank, and Laurentian Bank.