Mortgage Deferrals Across Canada - October 2020

Posted by Jared Chamberlain

Mortgage_Deferrals_Across_Canada_October_2020What is happening in our country? There are some themes with the lowest percentage and the highest percentage of mortgage deferrals. There were a lot of people who needed to make a deferral on their mortgage given the situation this year with COVID-19.

Mortgage payments are now starting to happen again; you can't defer any further. Lindsay Labrecque of Spire Mortgage sent us some data about mortgage deferrals over the last six months.

These are Canada's top five cities with the highest percentage:
Top 5 - Quebec City and Ottawa – 7%
Top 4 Regina and St. John's in Newfoundland – 14 %
Top 3 Saskatoon - 15%
Top 2 Calgary - 18%
Top 1 Edmonton - 21%

This list shows that there are some themes with the lowest percentage and the highest percentage. There could be a lot of people who are in industries that are in sales positions.

Many don't know what’s going to happen with all the uncertainties in more entrepreneurial cities. Other cities are more employees based and less entrepreneurial-based.

We want to invite you to the conversation. Why do you think these numbers are this way? We have our thoughts, but we also want to hear from you.

The numbers are real. This is what's happening, and we hope that many individuals can figure things out. Employers can figure things out; governments can figure things out to continue to move forward during this time.

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