Mortgages in Arrears in Canada – What the Numbers Mean
The level of mortgages in arrears in Canada stays very low when compared to both historical data and global benchmarks. Although there is a chance that arrears rates might rise if the Canadian job market weakens, banks are dedicated to helping their customers during financial difficulties, continuing the support they have provided previously.
Banks remain committed to supporting their customers through periods of financial stress, as they have in the past.
Despite potential risks, the overall mortgage arrears situation in Canada remains stable and manageable.
Summary: Mortgage arrears in Canada are currently minimal, with banks prepared to assist customers if economic conditions worsen, maintaining financial stability.