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Sick Of Debt

Sick Of Debt

In its latest biannual report, the agency reveals that Canadians renewing their mortgages with chartered banks in the first half of 2023 are contending with “significantly higher” interest rates, leading to financial strain.

Despite the overall mortgage delinquency rate maintaining a historically low level of 0.15 percent, a closer examination reveals signs of stress among homeowners. Notably, the proportion of mortgages in arrears for loans valued at $400,000 or more has been steadily increasing since the third quarter of 2022. Mortgages valued at $850,000 or more are experiencing a noteworthy three-basis-point rise in delinquency rates, reaching 0.13 percent.

Even though mortgages valued at $400,000 or less exhibit delinquency rates above higher-value loans, these metrics have remained stable. However, the second quarter of 2023 witnessed a “notable” year-over-year increase in the share of mortgages in arrears for more than 30 days.

If this situation sounds familiar, we understand the challenges you may be facing. Reach out to us, as we may have a financial solution tailored to your needs. Your financial well-being is our priority, and we are here to help you navigate through these challenging times.

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