Canadian

Mortgages
in Arrears
www.mortgagebrokerstore.com
 Arrears

Mortgages In Arrears
ar·rears Mortgages in arrears refer to situations where a
/əˈrirz/
borrower has fallen behind on their mortgage
noun
payments, failing to meet the agreed-upon terms
with the lender.

As of January 2024, Ontario has the lowest

residential mortgages in arrears in Canada.
Ontario
Best and worst periods for
Ontario and Canada
2024 2021 1997
Highest mortgages in
The lowest-to-date Highest
arrears, and second
mortgages in arrears unemployment rates
highest unemployment
rate

Even during tough times like the Global Financial Crisis and
the COVID-19 pandemic, Ontarians have been good at
keeping their mortgage payments on track.
Mortgages & Payments

Reasons for

99%
100 missing payments:
99

98 Job Loss
of Canadians pay Reduced Income
97 their mortgages on time.
Illness or Disability
96 Unexpected Expenses

95

94
Comparisons

Saskatchewan 0.59%

Alberta 0.33%

Manitoba 0.29%

Atlantic 0.27%
The percentage of arrears to the total
Quebec 0.15% number of mortgages varies from
province to province.
British
Columbia
0.14%

Ontario 0.12%
Comparisons

Canada's rate of mortgages in arrears is

much lower than countries like the United
States and the United Kingdom.

0.2% 0.8% 1.5%

Canada United Kingdom United States
 What next?
If you're struggling to secure a loan due to poor credit,
private lenders or mortgage brokers can provide alternative
financing options.

Choose a lender who understands your financial

needs and offers tailored mortgage advice. At
Mortgage Broker Store, we're here to provide
expert guidance and connect you with private
lenders to achieve your mortgage goals.
Contact us for a free quote at 416-499-2122 or
email ron@mortgagebrokerstore.com.
References
https://cba.ca/mortgages-in-arrears
www.mortgagebrokerstore.com ***This data is for mortgages at least 3 months in arrears