Canada's CMHC warns of rising mortgage delinquency and renewal risks amid higher interest rates.

Canada's housing agency, CMHC, cautions of ongoing risks in the mortgage market due to rising delinquency rates and borrowers renewing at higher interest rates. In Q2 2024, mortgages over 90 days past due rose to 0.19%, up from 0.14% in 2022, though still below pre-pandemic levels. The alternative lending sector is particularly strained, with increasing defaults. Notably, 1.2 million mortgages are set for renewal in 2025, many from a time of much lower interest rates.

November 04, 2024
45 Articles