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
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
Minister 'outraged' after AFN national chief's headdress taken from Air Canada cabin
The federal minister of Crown-Indigenous relations is calling on Air Canada to 'make things right' with the national chief of the Assembly of First Nations, who said her headdress was removed from an airplane cabin during a flight this week.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Canada recognizes housing as a human right. Few provinces have followed suit
As more Canadians find themselves struggling to afford or find housing, the country's smallest province is the only one that can point to legislation recognizing housing as a human right.
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
Pro-plastic lobbyist presence at UN talks is 'troubling,' say advocates
Environmentalist groups are sounding the alarm about a steep increase in the number of pro-plastic lobbyists at the UN pollution talks taking place this week.