Non-bank lenders such as mortgage finance companies, trusts, and insurances companies saw mortgages in arrears – defined as a delinquency of more than 90 days – hit a low of 0.23% in 2021’s fourth quarter, down from 0.26% in Q3 2020, while arrears among borrowers from chartered banks was just 0.17% (a decline from 0.25% in the third quarter of 2020).
Only 0.1% of credit union borrowers were in arrears on their mortgage in Q4 2021, while mortgage investment entities (MIEs) recorded a delinquency rate of 1.38% compared with 1.79% in Q3 2020.
Tania Bourassa-Ochoa (pictured top), senior specialist, housing research at CMHC and one of the report’s authors, told Canadian Mortgage Professional that in the context of data available since the early 1990s, delinquency rates were currently at record-low levels – but also emphasized that it may take…
