Canada is not the United States

 

An estimated 20,000 to 25,000 Canadian home owners are currently in arrears, said Will Dunning, chief economist at the Canadian Association of Accredited Mortgage Professionals (CAAMP), in a report released Monday.

This means about 0.3 per cent of Canada's 8.05 million home owners are behind on their mortgages by three months or more, he said.

By contrast, arrears in Canada hit about 0.7 per cent in 1992, as the effects of the housing bubble in the late 1980s and early 1990s worked their way through the mortgage market, Mr. Dunning said.

 

"Canada is not the United States"
Stephen Gordon