Despite Uncertainty, Canadians Are Keeping Up With Mortgage Payments + MORE Oct 5th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Despite Uncertainty, Canadians Are Keeping Up With Mortgage PaymentsYou might have heard some sensationalist news stories over the past year about Canadian homeowners over-borrowing. With the employment rate so low, and mortgage debt so high, how could Canadians possibly keep up with their payments? Headlines spewed dire warnings that once payment deferrals expired, borrowers would default in droves. 

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…

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TD Bank and CIBC were the first of the Big 6 banks to reverse their recent mortgage rate cuts last week.

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