90 DAY MORTGAGE DELIQUENCY PAYMENTS DOWN-NOT SO FOR 30 DAYS!

Mortgages in arrears reached a 30-year low of 20% in the first quarter of 2021, with decreases seen across all lender types, according to the Canada Mortgage and Housing Corporation.

This downward slope in the number of mortgages unpaid for more than 90 days began during the first months of the pandemic, a trend bolstered by the widespread implementation of fiscal aid measures.

“Most borrowers who had financial difficulties were able to benefit from a mortgage deferral and were able to resume regular payments,” CMHC said. “In addition, overall consumer savings increased and the growth in disposable income remained positive which helped Canadians to make their monthly mortgage payments on time.”