The majority of mortgage borrowers are hanging tough despite being caught up in the roughest interest rate shock in decades
Canadians are caught up in the fiercest interest rate shock in decades. Despite punishing payment increases, the overwhelming majority of mortgage borrowers are hanging tough, at least so far.
Mind you, 90-day arrears are a somewhat lagging indicator. Thirty-day arrears are a better gauge of recent borrower performance, and in that case, they’re actually falling relative to First National’s third quarter last year. And non-prime loans? “We have not seen a spike in arrears, or challenges at renewal. So far, our non-prime borrowers have not shown less resilience than prime borrowers,” he adds.
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