Canadian Mortgage Delinquencies to Rise by One Third in the Next Year RBC

#canadianeconomy #canadianmortgages #canadarealestate

Canadian mortgage delinquencies could rise by more than one-third over the next year, with insolvencies increasing by 30% over the next three years, according to a new report by RBC.

Links:

Proof Point: More Canadians to fall behind on debt payments—but most will manage:

https://thoughtleadership.rbc.com/proof-point-more-canadians-to-fall-behind-on-debt-payments-but-most-will-manage/

RBC projects unemployment rate to reach 6.6% by 2024, insolvencies to jump 30% over 3 years:

https://www.ctvnews.ca/business/rbc-projects-unemployment-rate-to-reach-6-6-by-2024-insolvencies-to-jump-30-over-3-years-1.6390038

Posthaste: Looks like Canada's housing market has finally turned the corner:

https://financialpost.com/news/looks-like-canada-housing-market-turns-corner

Buyer Beware: Most Major Canadian Markets Currently Favour Sellers:

https://storeys.com/canada-real-estate-markets-favour-sellers/

Posthaste: Homeowners buckling under high interest rates as mortgage rates balloon:

https://financialpost.com/news/homeowners-buckle-high-interest-rates-mortgage-rates-balloon

RBC Mortgage Rates (2018):

https://web.archive.org/web/20180509103338/https://www.rbcroyalbank.com/mortgages/mortgage-rates.html

RBC Mortgage Rates:

https://www.rbcroyalbank.com/mortgages/mortgage-rates.html

Fear of Renewal: Most new homebuyers ‘very worried’ next term will bring much higher monthly payments:

https://angusreid.org/canada-mortgage-housing-variable-fixed-interest-rate-bank-of-canada/

BoC needs to stay the course, though banking stress could impact monetary policy, Macklem says:

https://www.theglobeandmail.com/business/article-bank-of-canada-must-stay-the-course-to-combat-risk-of-sticky-inflation/

How high variable-rate mortgages cripple homeowners, hobble housing market:

https://vancouversun.com/business/mortgages/how-high-variable-rate-mortgages-cripple-homeowners-hobble-housing-market

Statistics Canada says economy added 41,000 jobs in April, unemployment rate 5.0%:

https://toronto.citynews.ca/2023/05/05/statistics-canada-april-jobs-numbers/

Bank of Canada aims to cause unemployment and a recession — and it’s unnecessary:

https://www.thestar.com/business/opinion/2022/07/16/bank-of-canada-aims-to-cause-unemployment-and-a-recession-and-its-unnecessary.html

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