OTTAWA, ON, Nov. 14, 2024 /CNW/ - As reported in Canada Mortgage and Housing Corporation's (CMHC) recent Residential Mortgage Industry Report (RMIR), Canadian homeowners have shown resilience in an environment of higher interest rates. Overall, homeowners continue to show lower credit defaults than renters, and while mortgage defaults remain low by historical standards, they have started to increase.
This resilience to make mortgage payments by homeowners will be needed over the next 24 months, as they continue to navigate the impact of higher interest rates and economic uncertainty when they renew their mortgages.
In his latest article, CMHC's Senior Vice-President of Housing Economics and Insights, Mathieu Laberge, outlines a CMHC analysis showing further increases in mortgage arrears over the next six to twelve months are likely, with more significant increases in Toronto and Vancouver.
Read the full article in the CMHC Housing Observer.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
For more information: Media Relations, CMHC, [email protected]
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