Vast majority of Canadians keeping up with mortgage payments; arrears rate falls

OTTAWA – Federal officials say fewer Canadians are falling behind in their mortgage payments.

Canada Mortgage and Housing Corp. says it has found a downward trend in the number of Canadian residential mortgage payments that are overdue by three months or more.

It says the rate of mortgages in arrears dropped to 0.36 per cent in the first half of 2012.

That’s down from 0.41 per cent in 2011.

By comparison, the CMHC report says the U.S. arrears rate in the second quarter of 2012 was more than eight times higher at 3.04 per cent.

The information is included in the federal agency’s 2012 Canadian Housing Observer.