Mortgages in Arrears in Canada – What the Numbers Mean
Mortgage arrears in Canada stay exceptionally low by both historical and international comparisons. Although a rise in arrears rates could occur if the Canadian job market weakens, banks continue to pledge support to their clients during financial difficulties, consistent with past practices.
Banks remain committed to supporting their customers through periods of financial stress, as they have in the past.
Despite some uncertainty, the current stability in mortgage payments reflects the resilience of Canada's housing finance system and the active role lenders play in mitigating risks associated with borrower hardship.
Author's summary: Mortgage arrears in Canada are historically low, with banks ready to assist customers if economic challenges impact employment and repayment capacity.
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