Wendy Zelmer has utilized the mortgage deferral program for the past six months after her business, Restorative Body Med, had to close because of to health orders during the pandemic.Wendy Zelmer said having her holistic therapy business shut down by public-health orders in the spring was a shock to the system. The Edmonton registered massage therapist has always had a job, but she had to stop all in-person appointments in the early weeks of the pandemic.
“The high rate of mortgage deferrals in Alberta is concerning, but not altogether surprising considering the blow Alberta’s economy received by the pandemic and oil price crash,” Alberta Finance Minister Travis Toews said last week. “It’s clear Alberta has been hit harder than other provinces.” The Canadian Bankers Association, or CBA, said as of the end of August, the country’s six largest banks provided more than 736,500 mortgage deferrals to customers, of which 135,000 were for Alberta –18 per cent of all deferred mortgages for a province that represents about 12 per cent of the country’s total population.
If Canadian homeowners who relied on the deferral program still haven’t been able to find employment or sources of income, Mr. ab Iorwerth said it will show up in mortgage delinquency rates in the next three to six months. He’s also concerned about“We’re watching things very carefully on a regional basis.”
Weakness in the Alberta market might also discourage, or make it difficult, for financially pressed homeowners to sell someday if they can’t afford their mortgage payments. Like other Canadian markets, sales activity has been stronger for single-detached homes rather than condos in Edmonton and Calgary.
“There’s still a significant commitment to maintain a high degree of support. Perhaps it won’t be the same degree of support we have seen before, but still, this is not a ‘cliff,'” said Robert Hogue, a senior economist for Royal Bank of Canada, referring to Mr. Siddall’s gloomy May prediction.However, there was some unexpected, positive real estate news for the province’s largest city released last week.
All those oil workers who were splurging their money away are now panicking to get it back.
Of course this would be concerning as thoughts of deferrals mean defaults and the real fear that banks do not have the money leading to the whole house of cards collapsing. The likes of Linda McQuaig are wrong as the debt wall is very real and destroys lives, one way or another.
The Carbon tax will keep on increasing though and we will be told we aren't doing enough. Get ready for the big collapse. Trudeau won't stop until it happens.
What’s with the red light district photo?
happening everywhere Not just alberta
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