Delinquency rates for mortgages in the Greater Vancouver area are at their highest level since 2016 and every indication is that they are continuing to rise. According to a recent article in Better Dwelling, an online real estate news outlet, although Canadian mortgage defaults are generally flat, Vancouver and Toronto are bucking that trend with multi-year highs in both regions. These rising delinquencies are taking place despite the many government programs designed to assist mortgage holders, and despite the many lenders who have allowed mortgage deferrals during the pandemic. When these measures end, we can expect to see the rate of mortgage defaults spike. Whether a lender or a borrower, seek experienced advice when facing a mortgage default.
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