Based on the recent survey by CMHC of the consumer credit market, it showed that the mortgage market continues to be stable in the first quarter of this year.
The Equifax data on credit use for the current report was looked at by the agency, the report which was titled “Homeowners Debt at a Glance” highlighted that even though there is some display concerning people worrying about household debt, however, there is still a slight sign of a mortgage stress.
With the overall low levels of crimes in the stable market, it continues to be even as the increased payments for mortgage which has gone far up above inflation.
The report noted that even though the delinquency rate went up in Edmonton, Calgary and other regions which are depending on oil, despite the rise in the price of home, delinquencies still remains low in Toronto and Vancouver.
Canada Mortgage and Housing Corporation Senior Statistical Researcher, Maxim Armstrong said “We know there is a need for more reliable data to help policy makers analyze the key concern of rising household debt in Canada. The Equifax data allows us to expand our analysis beyond mortgages insured by CMHC and provide a level of detail never before available.”