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During COVID-19 Canadians Have Deferred $1B Worth of Mortgages
Source: Staff The Canadian Press, globalnews.ca, September 11, 2020
CMHC said it expects fewer Canadians to get ahead on their mortgage payments this year, a trend that will add to the national level of mortgage debt by the end of this year.
About $1 billion worth of mortgage payments were deferred each month during the pandemic, Canada Mortgage and Housing Corp. said on Thursday.
The calculation, released in CMHC’s annual residential mortgage industry report, is based on Equifax Canada’s estimate that the average monthly mortgage payment in Canada is $1,333.
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