More Mortgage Defaults in First Quarter Than All of 2022: Housing Agency

A person walks past multiple for-sale and sold real estate signs in Mississauga, Ont., on Wednesday, May 24, 2023. People renewing their mortgages or looking to buy a home are faced with a very different decision than they might have been just a few years ago, experts said, as rapid interest-rate increases have made fixed-rate mortgages with shorter terms more popular while variable-rate mortgage holders feel the pinch. THE CANADIAN PRESS/Nathan Denette

There were more mortgage defaults in the first quarter of 2023 alone than in all of 2022, government data indicates.

There were 3,081 mortgage arrears—which are counted as being at least 90 days past due—between Jan. 1 and March 31 of this year compared to 2,920 the whole of last year, says information from the Canada Mortgage Housing Corporation (CMHC) filed in an Inquiry of Ministry on Sept. 18.