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Canadian Mortgage Delinquencies Are Climbing, But Stress Is Greatly Overstated

Canadian mortgage delinquencies are rising from their record low in Q2 2023, but remain much lower than before the pandemic when interest rates were half the current level. The national delinquency rate is at 0.15%, still 0.01 points higher than the record low but nearly half the 0.28% delinquency rate in Q1 2020. The same trend can be seen in Toronto, with the delinquency rate at 0.08%, 0.02 points higher than the record low and 0.01 points from pre-pandemic levels.

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