CMHC has recently released data that insured mortgages (home purchases with less than 20% down payment) have seen a greater incidence of mortgages in arrears in Alberta and Saskatchewan as of the end of June.
In Alberta, the number of insured loans that are at least 90 days late in payment was 1,487 in June (up from 978 in June 2015). Saskatchewan’s numbers increased from 392 in June 2015 to 529 in June 2016.
CMHC reported that despite these increases, the national delinquency rate actually dropped in BC, Ontario, and Quebec. Close to 1,000 fewer delinquencies were reported and translated to 8,386 at the end of June.
CMHC holds over 2.6 million loans in Canada and translates to $523 billion in mortgage insurance.
I’ve definitely seen an increase this year of listings that are owned by a bank in an effort to recuperate some of their lost money. I’ve also been asked to represent a number of banks on foreclosures this year and have seen my number of foreclosure listings double or even triple from previous years.
If you are interested in finding a foreclosure in Saskatoon, please contact me and I’d be glad to assist you.
Saskatoon real estate agent
Century 21 Fusion