Delinquencies on large mortgages rose in the three largest Canadian cities, according to a Canada Mortgage and Housing Corporation (CMHC) report for the first quarter of the year.
In Toronto, mortgages $400k and higher at origination, as well as those between $300k and $400k, had a delinquency rate of 0.1%, up by 25% from last year.
Toronto saw the opposite trend with smaller mortgages. Mortgages between $200k and $300k reached a delinquency rate of 0.08%, down by 11.11% from the previous year. Those between $100k and $200k reached a rate of 0.1%, down by 9.09%. Meanwhile, mortgages less than $100k had a flat rate at 0.11%.
In Vancouver, three mortgage brackets saw an annual increase. Mortgages between $200k and $300k had the biggest increase, up by 33.33% to 0.12%. Those $400k and larger followed, up by 22.22% to 0.11%. Mortgages between $100k and $200k came in third, up by 16.67% to 0.14%.
Meanwhile, mortgage delinquencies in Montreal were almost three times higher than in Toronto, according to Better Dwelling. Only the delinquencies on mortgages between $200k and $300k didn’t rise from last year, flat at 0.32%.
Mortgages between $100k and $200k also had a delinquency rate of 0.32%, but it was up by 6.67% from the previous year. Those $400k and larger hit a rate of 0.3%, up by 3.45%. Mortgages between $300k and $400k reached a rate of 0.29%, up by 3.57%, while those less than $100k had a rate of 0.22%, up by 4.76%.