{"id":11839,"date":"2019-03-08T10:10:48","date_gmt":"2019-03-08T18:10:48","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11839"},"modified":"2019-03-08T07:49:05","modified_gmt":"2019-03-08T15:49:05","slug":"metro-vancouver-mortgage-delinquency-rates-lowest-in-canada-despite-highest-prices-plunging-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/metro-vancouver-mortgage-delinquency-rates-lowest-in-canada-despite-highest-prices-plunging-sales\/","title":{"rendered":"Metro Vancouver Mortgage Delinquency Rates Lowest in Canada Despite Highest Prices &#038; Plunging Sales"},"content":{"rendered":"\n<p><\/p>\n\n\n<p style=\"text-align: justify;\">Despite having the highest home prices in Canada, rising lending costs and plunging home sales, Metro Vancouver mortgage holders have the lowest mortgage delinquency rate in the country, according to a February 26 report from Canada Mortgage and Housing Corp. (CMHC).<\/p>\n<p style=\"text-align: justify;\">Only 0.1% of outstanding mortgages in Vancouver were delinquent in the 2018\u2019s third quarter, down from 0.11% in the same period a year earlier.<\/p>\n<p style=\"text-align: justify;\">A mortgage is deemed delinquent if three consecutive monthly mortgages are missed.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s delinquency rate has been declining steadily since 2014 and is now below the average provincial average of 0.16%. It is also less than half the national average of 0.28%.<\/p>\n<p style=\"text-align: justify;\">Since 2014, the benchmark home price in Metro Vancouver has increased 65%, but it has fallen 4.5% in the past year. In January, the composite benchmark price for a home in Metro Vancouver remained at $1.01 million, the highest in the country.<\/p>\n<p style=\"text-align: justify;\">CMHC reports that 63% of Metro Vancouver homeowners had mortgages of $600,000 or more. This compares with a national average of $208,000.<\/p>\n<p style=\"text-align: justify;\">The CMHC survey, however, also found that Vancouver homeowners with the lowest mortgage debt had consistently higher delinquency rate, approaching 0.2% for those with mortgages of $200,000 or less.<\/p>\n<p style=\"text-align: justify;\">\u201cThis suggests that smaller-sized mortgages are generally held by borrowers with lower incomes and\/or less stable employment than borrowers holding larger mortgages,\u201d the CMHC report states.<\/p>\n<p style=\"text-align: justify;\">Mortgage brokers argue that the survey confirms that the federal government \u201covershot\u201d with recent mortgage restrictions, such as the mortgage stress test that requires all new mortgage applicants to qualify at rates 2% higher than what is readily available.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is clear that the stress test is overly aggressive and arguably punitive to the very people the government is trying to help \u2013 such as first time homebuyers,\u201d said Peter Kinch, Port Moody-based president of the Vine Group and a mortgage broker with Mortgage Alliance.<\/p>\n<p style=\"text-align: justify;\">Since the mortgage stress test was widened in January 2018 to include all homebuyers, housing sales in Metro Vancouver plunged 39.3% to 1,103 in January 2019, the lowest level for that month in 10 years.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver homeowners are proving a resilient lot in the face of these headwinds. According to Equifax, the average credit score for Metro Vancouver mortgage holders is 776, which is considered \u201cexcellent\u201d in Equifax ratings.<\/p>\n<p style=\"text-align: justify;\">\u201cThe stress test came from a place of paranoia to begin with and it\u2019s now clear that the government overshot the mark,\u201d Kinch said. \u201cWe anticipate that the government will re-evaluate this in the upcoming [federal] March budget. Our expectation is that the stress-test will be reduced to 1%.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/02\/metro-vancouver-mortgage-holders-prove-resilient\" target=\"_blank\" rel=\"noopener noreferrer\">Metro Vancouver Mortgage Holders Prove Resilient<\/a> by Frank O&#8217;Brien | Business in Vancouver<\/p>","protected":false},"excerpt":{"rendered":"<p>Despite having the highest home prices in Canada, rising lending costs and plunging home sales, Metro Vancouver mortgage holders have the lowest mortgage delinquency rate in the country, according to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/03\/metro-vancouver-mortgage-delinquency-rates-lowest-in-canada-despite-highest-prices-plunging-sales\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-11839","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Mortgage Delinquency Rates Lowest in Canada Despite Highest Prices &amp; 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