Defaults on mortgages insured by the Canada Mortgage and Housing Corporation accounted just 0.34 per cent of its total book for the first quarter of 2015. The agency’s quarterly report shows that claims were up 8.8 per cent from a year earlier with 9,572 mortgages in arrears (up 1.4 per cent) from a total of 2.8 million loans insured. The report also shows that the average housing cost to income ratio was 26 per cent, the same as it was a year earlier, although in a third of cases the ratio is above 30 per cent and more than 1 in 10 are above 35 per cent.
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