There is more pressure on the salaries of homeowners in the Prairies and, according to a new report from the Canada Mortgage and Housing Corporation, it's pushed up delinquency rates.
The CMHC's Mortgage and Consumer Credit Trends Report, released this month, says a number of factors in the census metropolitan areas (CMAs) of many cities in the Prairies are contributing to income instability.
In Calgary and Edmonton, the report says a shift away from employment in oil and gas towards services producing industries have 'shocked' income levels and resulted in higher delinquency.
Falling house prices in Regina and Saskatoon, coupled with higher mortgage rates, have also resulted in higher rates.
Analysts also note that a decrease in full-time work in Edmonton and Saskatoon have further increased delinquency in those areas.
The news is rosier in Winnipeg, the report says, because stable economic growth and boosts to employment have led to a lower delinquency rate (0.29 per cent) compared to the other CMAs.
Despite this data, the CMHC says residents have retained excellent credit scores.
"The decrease in average weekly earnings of Albertans, the downward pressure on house prices in Saskatchewan and higher mortgage rates all contributed to increased delinquency rates in Prairie CMAs. However, average credit scores remained excellent despite the increases in delinquency rates and higher average monthly obligations," said Christian Arkilley, senior economics analyst, in a release.
The average credit scores of all CMAs in the Prairie region are considered excellent, with scores ranging between 759 and 765.
Calgary holds the highest average monthly mortgage payment of all Prairie cities at $1,533 while Winnipeg has the lowest at $1,098.
