Economic conditions improving in Alberta, mortgage report suggests
The number of homeowners who are behind on their mortgage payments has reached one of the lowest levels since the beginning of the pandemic, new statistics indicate.
On Wednesday, the Canadian Bankers Association released its latest report on the number of mortgages in arrears – situations where payments haven't been made in three or more months.
Out of the 5,104,550 mortgages in Canada, just 7,426 (0.15 per cent) are in arrears, it said.
When it comes to Alberta, the association found that while the province had almost 30 per cent of Canada's arrears total, the percentage of homeowners who have fallen behind is continuing to drop.
The latest report shows 2,176 of Alberta's 605,353 mortgages, which the association says includes those in N.W.T. and Nunavut, are in arrears.
The figure is just 0.36 per cent of the total – the lowest it's been since 2008.
"Canada's oil-producing provinces were hit hard by the pandemic and therefore faced more difficult economic conditions as they recovered, in part due to the cyclical nature of their economies," said Mathieu Labrèche, director of media strategy and communications with the Canada Bankers Association in a statement.
He says favourable economic conditions are returning, which is relieving pressure on many residents.
"As unemployment figures in Alberta have started to return to their pre-pandemic levels, the province is seeing a corresponding drop in arrears rates. The mortgages in arrears rate in Alberta is well below one per cent."
The highest rate of mortgage arrears is seen in Saskatchewan at 0.61 per cent, but it has been steadily decreasing since the beginning of 2019.
CTVNews.ca Top Stories
Canadian among three climbers missing on New Zealand's highest peak
A Canadian is among three climbers missing after they'd planned to climb New Zealand's highest peak.
Toronto library apologizes after staff at east-end branch refuse to help lost girl
The Toronto Public Library is apologizing after staff at a branch in the city’s east end refused to provide a lost child with access to a telephone.
2 Ontario men charged after police seize US$40M in suspected cocaine from tractor-trailer in Illinois
Two Ontario men are facing charges after police in the U.S. say they seized 540 kilograms of cocaine from a tractor-trailer along Interstate 80 in Illinois.
After meeting with Trump, Trudeau to brief opposition leaders
Prime Minister Justin Trudeau will meet with all opposition leaders today before question period to brief them about his meeting with U.S. president-elect Donald Trump.
This salad brand is being recalled again. Here's why
A Taylor Farms salad kit is being recalled over concerns of a salmonella contamination, according to the Canadian Food Inspection Agency.
Young Manitoba woman dies after medical emergency during dental appointment
The Manitoba Dental Association (MDA) said it is investigating a critical incident where a young woman from the Morden-Winkler area died following a dental appointment.
Here's where Canadian experts stand on fluoridating drinking water
For decades, water fluoridation has played a key role in improving the oral health of North Americans, experts say, but the practice is coming under scrutiny in some communities as opponents gain new prominence in the U.S., pointing to research that cautions about the risks of exposure to the mineral in high doses.
Residents of Alta. town vote in favour of bylaw banning rainbow flags, crosswalks
Residents of a northern Alberta town have voted in favour of a bylaw banning Pride flags and rainbow crosswalks from municipal property.
Five years after toddler's brutal death, Northern Ont. family struggles to find peace, justice
A North Bay family is struggling to find peace and justice as the five-year anniversary of the brutal death of toddler Oliver McCarthy approaches.