Amid a series of interest rate hikes implemented by the Bank of Canada over the last few months, some Canadian homeowners may be concerned about whether they’ll be able to keep up with their mortgage payments.
Missed mortgage payments, otherwise known as mortgage delinquency, isn’t common in Canada, according to data compiled by the Canada Mortgage and Housing Corporation (CMHC). In the first quarter of 2022, the country’s mortgage delinquency rate was 0.18 per cent, down from 0.38 per cent in 2012.
Still, for those who may be likely to miss an upcoming mortgage payment, or are already past their due date, there are steps that can be taken to mitigate the situation, said Leah Zlatkin, a mortgage broker with Mortgage Outlet Inc., based in Toronto.
The first step involves being proactive and transparent by letting mortgage lenders know about the possibility…
