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Canadian Mortgage Arrears Rate To Rise 50% In 2024: Fitch

One of the world’s largest credit rating agencies sees a bumpy road for Canadian mortgages. Fitch Ratings’ latest Global Housing & Mortgage Outlook shows the mortgage arrears rate rising modestly in Canada in 2024. Even more distressed sellers are seen, but pent-up demand will help to absorb many before they fall behind. The turbulence is forecast to subside as quickly as the end of next year, improving with the economy and rate cuts. However, it won’t be a return to record setting lows for mortgages.

Canadian Mortgage Arrears Rate Expected To Climb 50% By Year End

Canada’s mortgages in arrears are expected to see a sharp increase after the recent record low. The arrears rate is forecast to rise to 0.25% to 0.3% by the end of the year. If it hits the high end, the rate will have climbed 50% from the end of last year, and doubled the record low also in 2023. …[Continue Reading]