Climbing Canadian Mortgage Delinquencies: A Brewing Storm in the Housing Market

The mortgage delinquency rate in Canada has increased in the first quarter of 2023, reports Better Dwelling on May 25th, 2023.

Troubles in the real estate market may be on the horizon.

This rise in delinquencies suggests that more borrowers are struggling to make their mortgage payments, while lenders attempt to extend repayment periods for over-leveraged borrowers to avoid defaults.

The delinquency rate is the highest since the second quarter of 2022 and the first increase since 2018.

Early delinquencies are also on the rise, potentially signaling a mounting wave of mortgage delinquencies.

The extension of mortgage amortizations beyond 30 years by major Canadian banks is seen as a measure to prevent delinquencies and prevent downward pressure on home prices.

These bank measures suggest underlying structural problems in the market.

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