{"id":776,"date":"2024-04-03T01:02:00","date_gmt":"2024-04-03T01:02:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=776"},"modified":"2024-04-04T13:02:49","modified_gmt":"2024-04-04T13:02:49","slug":"half-a-million-or-more-mortgage-deferrals-in-canada-since-april","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/half-a-million-or-more-mortgage-deferrals-in-canada-since-april\/","title":{"rendered":"Half a Million or More Mortgage Deferrals in Canada since April"},"content":{"rendered":"
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We\u2019ve all heard the expression \u2018rainy day\u2019 to describe a period of unexpected adversity, and the truth is that most people see the value in having some finances on tap in case that rainy day does come around. However, we\u2019ve also heard how over the years that many Canadians are \u2018mortgaged to the hilt\u2019 when it comes to how precarious of an arrangement their ability to own a home and pay the bills really is. It\u2019s something economists have been warning against for the average consumer<\/p>\r\n\r\n\r\n\r\n

And truth be told a lot of realtors are very proactive with advising their clients on what they should afford as compared to what they can afford in as far as for what they\u2019ve been approved for with a mortgage. Well, turns out the economic fallout of COVID-19 is a \u2018rainy day\u2019 in a big way, but recent stats coming from the 6 big banks in Canada suggest that a LOT of Canadians are putting themselves in precarious situations by taking them up on mortgage deferrals.<\/p>\r\n\r\n\r\n\r\n

Now, to be sure, it\u2019s good that the major lenders along with the Federal Government were sympathetic to the plights of those who couldn\u2019t afford to pay, but this needs to be a big time wake up call to homeowners. Part of being a qualified buyer is knowing what you\u2019re really suited to be spending on a home, and that\u2019s part of what realtors can help their clients with. Clients that are, however, not as easily found these days as they were before.<\/p>\r\n\r\n\r\n\r\n

Which is why our online real estate lead generation system at Real Estate Leads is such a good choice for real estate agents who are keen to have the power of Internet Marketing assisting them with getting more of that ever-shrinking pie. The thaw in the real estate market is happening, but fewer homebuyers is the reality \u2013 for now at least. Do what it takes to keep your real estate business in good vitality moving forward and make the name you envision for yourself.<\/p>\r\n\r\n\r\n\r\n

But back to topic, let\u2019s have a look at just how many household deferred mortgage payments recently, and why that\u2019s not necessarily a good thing.<\/p>\r\n\r\n\r\n\r\n

510K + To Be Exact<\/strong><\/h3>\r\n\r\n\r\n\r\n

At the Big 6 banks alone, Canadians have put somewhere in the vicinity of 510,530 mortgages on payment deferral as of the quarter ending July 31, and that\u2019s down by a considerable 17.53% from the previous quarter. Now of course we know why this has happened, but the principle of the wise nature of being prepared to handle these unexpected bumps in the road remains.<\/p>\r\n\r\n\r\n\r\n

Part of being a homebuyer is being able to afford to be a homeowner, and most people understand that there is a time and place in your life when that should happen. And no earlier.<\/p>\r\n\r\n\r\n\r\n

Royal Bank of Canada had the most of them, with 138,830 payment deferrals (down 30.18% quarterly). Next up was TD Bank at 107,000 deferrals (down 15.08%), followed by Scotiabank at 99,000 deferrals (up 5.32%).<\/p>\r\n\r\n\r\n\r\n

The value of all of these deferrals totalling up some nearly $136.27 billion, to the tune of a 15.38% quarterly decline. RBC\u2019s total stood at $41.27 billion (down 23.66% per 1\/4), while the second largest volume of mortgage deferrals was at the Canadian Imperial Bank of Commerce, which had $33.3 billion (a 6.2% drop).<\/p>\r\n\r\n\r\n\r\n

The question then becomes how did the banks handle missing out on some 136 billion? Well, the answer to that is because they were able to set aside approximately half of their provisions for bad loans and, without going into unnecessary detail, they had the funds to buffer themselves that way.<\/p>\r\n\r\n\r\n\r\n

But that money WILL be paid, and that leads us to what\u2019s the danger in deferring mortgage payments in Canada during COVID. It\u2019s a real risk and it\u2019s something we\u2019ll touch on in another blog post shortly.<\/p>\r\n\r\n\r\n\r\n

Sign up for Real Estate Leads<\/a> here and receive a monthly quota of qualified, online-generated buyer and \/ or seller leads that are delivered to you exclusively every month. They\u2019ll be for the region of any city or town in Canada where you\u2019re working as a real estate agent, and again you\u2019ll be the only realtors who\u2019ll receive them. It\u2019s a great way to supercharge your client prospecting efforts. <\/p>\r\n","protected":false},"excerpt":{"rendered":"

We\u2019ve all heard the expression \u2018rainy day\u2019 to describe a period of unexpected adversity, and the truth is that most people see the value in having some finances on tap in case that rainy day does come around. However, we\u2019ve also heard how over the years that many Canadians are \u2018mortgaged to the hilt\u2019 when […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-776","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nHalf a Million or More Mortgage Deferrals in Canada since April - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Half a Million or More Mortgage Deferrals in Canada since April - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/half-a-million-or-more-mortgage-deferrals-in-canada-since-april\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Half a Million or More Mortgage Deferrals in Canada since April - 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