Real estate experts say higher interest rates could still bring about mortgage defaults despite new guidelines meant to protect mortgage owners.
Vyner said that there could be more mortgage defaults taking place in the future, but likely not on a large scale.
“How many [more defaults would occur?] I don't believe it will be catastrophic, given the current low percentage of mortgage defaults. But I do believe it’s reasonable to suggest that there will be some casualties out there,” he said. She also said that low unemployment rates mean Canadians can continue to meet their loan obligations.the recently released FCAC guidelines were created to protect at-risk mortgage owners, setting expectations for how lenders will work alongside borrowers impacted by rapid interest rate increases.in its 2023 Federal Budget to address mortgage ownersRatehub.
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