As reported in the Calgary Herald, the mortgage arrears rate in Alberta is by far the highest in the country, according to the CIBC Household Credit Analysis report released Wednesday.
In January, the rate in Canada was 0.4 per cent while in Alberta it was 0.7 per cent.
"This reflects the fact that, on average, homeowners in Alberta are younger and less established," said the report authored by Benjamin Tal, deputy chief economist at CIBC World Markets. "As well, the pre-recession period in Alberta had seen activity surging rapidly - leading to a higher percentage of consumers overextending themselves to speculative investment activity and excess."
To read more, click on the link below: