OTTAWA –
Risks remain in the mortgage market as a wave of borrowers still have to renew at higher rates, alternative lenders take a growing share of new mortgages and delinquency rates keep creeping up, Canada’s housing agency says.
The notes of caution in Canada Mortgage and Housing Corp.’s latest residential mortgage industry report out Monday came as overall, the housing market has held up well despite the higher interest rates and a tepid economy.
Mortgages more than 90 days past due made up 0.19 per cent of the overall market in the second quarter of 2024, up from the record low of 0.14 per cent in 2022, but still well below the 0.28 per cent seen pre-pandemic, the agency said.
There is higher strain in the alternative lending space, which caters in part to borrowers who …