Canadian mortgage arrears have hit a 9-year high, with the arrears rate rising to 0.28 percent in April. This represents a doubling of arrears since September 2022. There were 13,752 mortgages in arrears in April, up 26 percent from last year and the highest count since 2014.
The increase in mortgage arrears is attributed to overleveraged borrowers falling behind on their payments. The decline in mortgages held by banks has also amplified the problem, with the entire 2020 low-rate boom now rolled back.
This development could have implications for Calgary buyers and sellers, particularly those with variable rate mortgages. As the mortgage market continues to evolve, it's essential for Calgary residents to stay informed about the latest trends and developments.
Source: News