Except that isn’t what happened at all.
The Bank of Canada just released a report stating that only 0.78% of homeowners are behind on their mortgage payments. Yes, this is slightly higher than pre-pandemic levels. But it’s nowhere near the cataclysmic event prophesied by the press. Plus, this number is gradually falling and is expected to level out in the near future. It’s now been three months since most payment deferrals have come to an end, and the outcome is clear: Canadian homeowners are keeping up with their payments.
Homeowners Are Better At Paying Down Debt
What’s even more interesting about the report is that homeowners appear to be better at paying their debts than renters…