Mortgages in Arrears in Canada: What the Numbers Mean
Mortgage arrears in Canada are still very low when compared to both historical data and international benchmarks. Although the rate of arrears could rise if the Canadian employment market weakens, banks continue to show strong commitment to helping customers navigate financial difficulties, as they have done previously.
"Banks remain committed to supporting their customers through periods of financial stress, as they have in the past."
Despite the potential risk posed by changes in employment, the current mortgage arrears situation in Canada remains stable and manageable.
Author's summary: Mortgage arrears in Canada are low, with banks actively supporting customers amid economic shifts, reflecting resilience despite possible risks from job market changes.