CMHC says close to $1B in mortgage payments deferred each month of pandemic

OTTAWA -- Canada Mortgage and Housing Corp. says that about $1 billion worth of mortgage payments were deferred each month this spring amid the COVID-19 pandemic.
The calculation is based on Equifax Canada's estimate that the average monthly mortgage payment in Canada is $1,333.
By the end of the second quarter relatively few people were defaulting on their mortgages, although CMHC says it is expecting an increase in delinquent mortgages as deferral programs come to an end this fall.
CMHC says that it also expects fewer Canadians to get ahead on their mortgage payments this year, compared with 2019, a trend that will add to the national level of mortgage debt by the end of this year.
After interest rates were cut this year, variable rate mortgages gained popularity in April and May of this year, according to CMHC.
CMHC says that as of April, 20 per cent of consumers surveyed said they were mulling moving their mortgages to a different lender -- depending on how the lender accommodated them during the COVID-19 pandemic.
Related
- CMHC expanding insured mortgage purchase program to $150B, up from $50B
- Why anyone who deferred mortgage payments should check their credit score
- CMHC tightens lending standards to protect housing market during COVID-19
- Canadians May Not Be Able to Afford Their Mortgages, Report Finds
- Housing market ‘moderately’ vulnerable amid potential overvaluation of homes: CMHC
Trending
- International travelers are walking out of Mississauga's Pearson Airport and ignoring quarantine rules
- Top 5 biryani in Mississauga
- Mass test results are in from Mississauga condo revealing good news about the variants
- MAYORS CHAT: Bonnie Crombie chats about Mississauga - February 21, 2021
- Ontario lays out vaccination timeline for seniors
Your Comments