Risk in the mortgage market has likely more than doubled since 2019, according to new research by the Canada Mortgage and Housing Corporation.
The corporation used data on households’ financial positions from a 2019 survey to estimate what percentage of homeowners with mortgages would not be able to pay for both essential life expenses and new mortgage payments upon renewal given the current interest rates.It found that, in a simulated situation with current mortgage rates and 2019 unemployment rates, more than eight per cent of homeowners would not be able to sustain their mortgage payments and afford basic life necessities.
The report adds that raising the amortization schedule from 30 to 40 years would only reduce monthly mortgage payments by five per cent.
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