Mortgages in Arrears in Canada
Mortgage arrears in Canada are still very low when measured against historical data and international benchmarks. Although there is a potential for arrears to rise if the Canadian job market weakens, banks continue to support their customers through financial challenges, just as they have done previously.
"Mortgages in arrears in Canada remain very low compared to historical and international standards."
Bank Support During Financial Stress
Banks in Canada show a consistent commitment to helping customers navigate periods of financial difficulty, maintaining this approach over time.
"Banks remain committed to supporting their customers through periods of financial stress, as they have in the past."
Risks of Arrears Increase
An increase in mortgage arrears rates remains a possibility if the employment sector in Canada experiences a downturn.
Author's summary: Mortgage arrears in Canada are low but could rise if employment weakens; banks remain dedicated to assisting customers facing financial hardships.