Severe Forecast For Canadian Mortgage Defaults

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Canadian Mortgage Delinquencies Expected To Rise 200%

In the severe scenario, they expect the mortgage market will be hit fairly hard. By Q3 2020, they expect mortgage originations to drop by 43%. Average balances rise by 20%, as people stop aggressively paying off balances. Most interesting – the delinquency rate could rise 200%. The end of the third quarter would be around when the surge in mortgage deferrals begin to expire.