Mortgage Arrears Tied to Job Market

Canadian Bankers AssociationMagnifying glass

A direct correlation between the number of jobs available in Canada and the number of mortgages in arrears has been shown in information gathered by Statistics Canada and the Canadian Bankers Association, and conveyed by Will Dunning Economic Research.

Research illustrates that as employment possibilities decline, mortgage arrears rise and, reversely, as job availabilities open, mortgage payments are made on time and arrears decline.

In the last twenty years, mortgage arrears reached their highest peaks, nearly 0.7 per cent, coinciding with the country’s highest periods of unemployment.

Mortgage specialists believe that employment is the single most affecting factor concerning mortgage arrears, out-influencing even soaring interest rates.

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