Bank of Canada warns of major rise in mortgage arrears


Canada’s level of mortgage payment arrears could rise in 2021 to nearly double that seen during the global financial crisis, the Bank of Canada warned.

Mortgage arrears could roughly triple from their current level of an estimated 0.27%, the BoC’s Financial System Review said. They could reach just under 0.8% in the third quarter of 2021 when banks’ temporary payment deferral plans expire. 

“This peak is close to double the peak arrears rate in 2009,” the Bank of Canada said. “The

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account