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
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
Ontario urges mpox testing amid spike in cases
Ontario health officials are urging public health units to test for mpox, the viral disease formerly known as monkeypox, amid a spike of confirmed cases in the province.
More unauthorized products for skin, sexual enhancement, recalled: Here are the recalls of this week
Health Canada and the Canadian Food Inspection Agency recalled various items this week, including torches, beef biltong and unauthorized products related to skin care and sexual enhancement.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
Do these exercises for core strength if you can't stomach doing planks
Planks are one of the most effective exercises for strengthening your midsection, as they target all of your major core muscles: the transverse abdominis, rectus abdominis, external obliques and internal obliques. Yet despite the popularity of various 10-minute plank challenges, planking is actually one of the most dreaded core exercises, according to many fitness experts.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
'Don't expect any deals:' Expert says stores may not offer steep discounts on post-Easter chocolate
Those looking to snap up cheap treats at their local grocery store next week following the Easter long weekend could be in for a bit of a surprise as the rising cost of cocoa continues to drive up the price of chocolate, one expert says.