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According to national data, mortgage debt is piling sky high. At the outset of the pandemic, it is becoming clearer that individuals who have mortgage payments are experience debt-related anxiety. The majority of this debt in Canada come from the regions of Quebec, Alberta, Ontario, and British Colombia. Nonetheless, despite massive job layoffs due to the global pandemic, individuals who are facing debt crisis will have to plan to start paying their mortgages again once they get back to work.
Key Takeaways:
- The $180 billion accounted for more than 14% of the residential mortgage amount held by Canada’s chartered banks.
- Including deferrals for personal loans, credit cards, and commercial mortgages brings the total to around $300 billion.
- The CEO of CMHC warns that up to one-fifth of all mortgages could be in arrears if the economy doesn’t recover.
“By mid-May, 27% of postponed mortgages came from Quebec, and 26% were from Alberta. Ontario accounted for 21%, while British Columbia represented only 7% of those who have delayed their mortgage payments.”
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