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Skyceman · 05-10-2012, 10:45 PM

Mortgage arrears rate highest in Alberta

The mortgage arrears rate in Alberta is by far the highest in the country, according to the CIBC Household Credit Analysis report released Wednesday.

“This reflects the fact that, on average, homeowners in Alberta are younger and less established,” said the report authored by Benjamin Tal, deputy chief economist at CIBC World Markets. “As well, the pre-recession period in Alberta had seen activity surging rapidly — leading to a higher percentage of consumers overextending themselves to speculative investment activity and excess.”

“While the majority of Canadians appear to be well-positioned to absorb a rate increase of around two percentage points, there is a substantial minority that cannot,” said Fong. “According to the Canadian Association of Accredited Mortgage Professionals, roughly 21 per cent of current mortgage holders, equating to roughly 1.2 million mortgages in Canada, may face financial difficulties with such an increase.”

Read more: http://www.calgaryherald.com/busines...#ixzz1uX6SsC4q

05-10-2012, 10:45 PM	#2228
Skyceman Powerplay Quarterback Join Date: Oct 2001 Exp:	Mortgage arrears rate highest in Alberta The mortgage arrears rate in Alberta is by far the highest in the country, according to the CIBC Household Credit Analysis report released Wednesday. “This reflects the fact that, on average, homeowners in Alberta are younger and less established,” said the report authored by Benjamin Tal, deputy chief economist at CIBC World Markets. “As well, the pre-recession period in Alberta had seen activity surging rapidly — leading to a higher percentage of consumers overextending themselves to speculative investment activity and excess.” “While the majority of Canadians appear to be well-positioned to absorb a rate increase of around two percentage points, there is a substantial minority that cannot,” said Fong. “According to the Canadian Association of Accredited Mortgage Professionals, roughly 21 per cent of current mortgage holders, equating to roughly 1.2 million mortgages in Canada, may face financial difficulties with such an increase.” Read more: http://www.calgaryherald.com/busines...#ixzz1uX6SsC4q Last edited by Skyceman; 05-10-2012 at 10:47 PM.