Interest rates be decreasing, but homeowners still contend with higher monthly payments because many took out their loans when mortgage rates were below 2 per cent and face higher borrowing costs
Canada ’s housing agency warned that the number of homeowners in Toronto and Vancouver defaulting on their mortgages is set to grow as relatively high borrowing costs weigh on their finances.in recent months, homeowners still need to contend with higher monthly loan payments. That is because many of them took out their loans when mortgage rates were below 2 per cent and are now facing much higher borrowing costs.
In Toronto, the arrears rate was 0.14 per cent in the first quarter of this year, compared with 0.06 per cent in the third quarter of 2022, according to data from Canada Mortgage and Housing Corp. In Vancouver, the rate was 0.13 per cent in the first quarter of this year, compared with 0.08 per cent in the same period last year.
There are two reasons CMHC expects the trend to persist in Toronto and Vancouver, the country’s priciest real estate markets. First, both regions currently favour buyers. More homeowners have put their properties up for sale as the number of purchases has declined. That means it could take longer for someone to sell their property at a high enough price to pay off their mortgage.
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