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.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."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.
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.