Mortgage Delinquency Rate High In Latest Starts

The Canada Mortgage and Housing Corp. showed in its recent data that the mortgage crime rate has continued to be at a high level in New Brunswick for three years in a row, most especially when it’s been likened to nationwide levels.

In the province, the average payment of mortgage was totally at $811 in the final quarter of last year, which was the lowest level in the whole of Canada. The delinquency rate for Saint John was at 0.86 per cent in that same period, with 0.71 per cent at Moncton, in an unadulterated difference to the nationwide benchmark of 0.34 per cent.

Alex MacDonald, the regional economist of CHMC said to a news reporting firm; “When we look at the province we end up with a story that is kind of mixed, that things aren’t necessarily any better they aren’t necessarily any news.”

The inert increase of employment was noted by MacDonald to be the main factor being the delinquency rate in the family. New Brunswick is now at 8.7 per cent in unemployment.

MacDonald elucidated, mentioning that on average, it takes a century to have a home sold in New Brunswick. They explained; “The fact that we don’t have this substantial job growth over several years is obviously contributing to some of the risks, and the fact that we’re also seeing inventory levels relatively high.”


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