experts: real estate column Wednesday, September 29, 1999

MORTGAGE ARREARS TRIPLE SINCE 1996

By Ozzie Jurock

A growing number of British Columbians are finding it difficult to meet their mortgage obligations. The number of bank mortgages in arrears has almost tripled since 1996.

In June 1999, 2,305 mortgages in the province missed at least three months of payments. This compares to 1,650 during all of the last year, and 876 mortgages that were in arrears in 1996.

However, these numbers represent less than one per cent of the 376,652 mortgages currently held by banks in the province.

The sharp increase in mortgage arrears could be due to many factors, but almost certainly reflects the fact that some owners of leaky condos are choosing to walk away from their homes rather than incur the high cost of fixing them.









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