Alberta Mortgages In Arrears Trend Higher To Start 2016

The number of Alberta residential mortgages behind in payments by three or more months climbed higher in January according to the latest data from the Canadian Bankers Association.

A total of 1,839 mortgages were in arrears to start the year, an increase of 152 from December and the highest monthly jump since 2009.   The mortgage arrears rate now sits at 0.32%.

Even with the upward trend over the past year, the level of mortgages in arrears is still less than half of the 4,245 peak established in January 2011 when the arrears rate reached 0.84%.

Alberta mortgage arrears

Alberta mortgage arrears (click to enlarge)

Alberta’s arrears rate was above the national level of 0.28% and higher than Ontario (0.15%), Manitoba (0.28%), and British Columbia (0.28%), but below Quebec (0.37%), Saskatchewan (0.54%) and the Atlantic provinces (0.64%)

Mortgage Arrears Rate (%) by Region

Mortgage Arrears Rate (%) by Region

In Calgary, there are 80 active judicial sale/foreclosure listings on MLS® at the time of this writing, compared to 70 in January.

Since January 1st, 70 judicial sale/foreclosures have sold ranging in price from $1,340,000 for a home in Wentworth Estates to $110,000 for an apartment in Highland Park.

A Forest Lawn judicial sale that was listed for $307,000 sold for $265,000 for the lowest sale price to list price ratio of 86%.

On the other end of the spectrum, a West Hillhurst home sold for 16% above asking.  The Court of Queen’s Bench had it listed for $360,000 and it ended up selling for $417,500.

Of the 70 that sold, 17 went above asking, 1 at list price, and 52 for less than asking.

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