Young and middle-aged Canadians account for the vast majority of mortgage holders in Montreal, according to fresh findings by the Canada Mortgage and Housing Corporation.
As detailed in the Crown corporation’s latest Mortgage and Consumer Credit Trends report (which covered the third quarter of 2018), Equifax data showed that nearly nine out of 10 mortgage holders in both Montreal and Québec were 25 to 64 years of age.
During the same quarter, the proportion of consumers holding mortgages was 29% in Montreal and 31% in Québec City.
The dominant presence of working-age Canadians in these markets has helped keep mortgage delinquency rates relatively low. Delinquent accounts represented 0.29% of mortgages in Montreal and 0.24% in Québec as of Q3 2018.
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“The Montreal and Québec areas have shown strong economic growth and particularly vibrant job markets in the last two years. This certainly contributed to the financial stability of households and supported their ability to make their mortgage payments on time (or less than 90 days late),” CMHC stated in its analysis.
In Montreal, the mortgage delinquency rate was at 0.23% for mortgages with a value at origination of less than $100,000, and around 0,30% for accounts involving $100,000 and greater. Meanwhile, in the Québec CMA, delinquency stood at 0.13% for accounts with origination values of less than $100,000, and 0.63% for mortgages at $400,000 and greater.
These rates exhibited considerable stability over the 12 months ending September 2018, CMHC said.