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
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
OPP responds to apparent video of officer supporting anti-Trudeau government protestors
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
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.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.