Alberta has the highest rate of mortgage deferrals in Canada, according to recent numbers from the Canada Mortgage and Housing Corporation.
Back in April, Canada’s big banks announced mortgage deferral programs that would allow borrowers to skip some payments on their mortgages.
Nearly 19 per cent of Albertans continue to defer their insured mortgage payments, according to CMHC’s latest figures.
Alberta ’s rates are more than double Ontario’s rates and nearly double B.C.’s.
The next highest deferral rates were in Saskatchewan and Newfoundland, according to information in a tweet from CMHC president and CEO Evan Siddall.
Braden Gabert has seen plenty of his clients choosing to defer their mortgages since the program was first rolled out six months ago.
“Those people truly did need to have mortgage deferment. They may have been forced to sell their home if they didn’t,” said Gabert, who is a broker and owner at MortgageLine in Calgary.
But Gabert said it wasn’t just people who were in desperate need. He figures about half of his clients who deferred mortgages saw it as an opportunity.
“A chance to save a little bit of money and to pay off other things. Hopefully, that’s what they did. Take some of that money and maybe paid off some other debts and liabilities. Then it put them in a better position without having to see too much of that interest accrued for the lifetime,” Gabert said.
Calgary homeowner Cheryl Bonnett was convinced by a friend to not take advantage of the program back in April. Her friend had raised concerns about how it would impact her credit score.
