Arrears in Canada remains at 1/4%
It’s interesting to note that with all the hype and media sensationalism, nothing has changed all that much in the mortgage scene. I was reading the November 2008 issue of Canadian Real Estate magazine (www.remag.ca) and looking at the number of residential mortgages in arrears in Canada. Since 2005 to 2008, the percent of arrears to total number of mortgages in the country has remained between 0.24% to 0.28%. That’s one-quarter percent; less than 1%. Mortgage arrears is three months or more. So as you can see, foreclosures account for less.Â
November 17, 2008Â
