Canadian mortgage deferrals have outnumbered ones in the United States by about double. Canadians have gotten a much better deal when it comes to getting help during this COVID-19 pandemic than home buyers in the United States. Canadian deferrals have peaked around fifteen percent while the U.S. deferrals have peaked around eight percent total. Canadians have long been known to have extra spending money compared to citizens in the U.S. This is in addition to the social health care they receive.
- The pandemic began to get serious for North Americans in March, which was when lenders in that region began agreeing to make mortgage deferrals.
- What shortly became obvious was that there was a growing chasm between deferral rates in the U.S. and in the neighboring region of Canada.
- U.S. deferral rates reached their peak in June and from that point began a downward move. Near by, Canada’s rates stayed high and shortly reached double the U.S. rate.
“Since the advent of the worldwide Covid-19 pandemic and its insidious effect on the world’s economy, mortgage payment deferral has been the norm all across North America.”