A total of 12,236 mortgages were in arrears by 90 days or more at month-end, up from 12,040 in September and 11,430 in July.
The national arrears rate increased by 0.01 percentage points from September and is up a full 10 basis points from mid-2023, when it stood near historic lows around 0.15%. While the pace of increase has been gradual, October marked the fourth consecutive monthly rise.
Saskatchewan continued to post the highest arrears rate at 0.50%, followed by Manitoba (0.35%) and Atlantic Canada (0.29%). Ontario’s arrears rate climbed to 0.26%, slightly above the national average, while Alberta matched the national rate at 0.25%. British Columbia (0.21%) and Quebec (0.19%) remained below the Canadian average.
Despite the upward trend, more than 99% of Canadian mortgage holders remain current on their payments. The CBA has previously noted that arrears tend to move closely with labour market conditions, suggesting that any sharper deterioration would likely require a more sustained weakening in employment.
Residential mortgage lending lifts Ontario credit union assets above $102B
Ontario’s credit unions continued to grow their residential mortgage portfolios in the third quarter of fiscal 2025–26, helping push total sector assets above $102 billion, according to FSRA’s Q3 Sector Outlook report.
FSRA describes the quarterly outlook as a “snapshot in time,” and the latest data point to steady balance-sheet growth despite ongoing economic uncertainty. As of the end of Q3 2025, total sector assets reached $102.83 billion, up about 4.1% year-over-year.
Residential mortgages remained a key growth driver, with balances rising $2.56 billion, or 4.69%, year-over-year, remaining near historical growth rates.
Credit quality showed some softening in Q3, with residential mortgage delinquencies rising to 1.00%, up 57 basis points from a year earlier and 8 basis points from the prior quarter.
Profitability also held firm in Q3, edging up to 31 basis points from 30 basis points in the prior quarter, supported by stronger loan interest income and lower deposit costs.
Credit unions continued to reduce their reliance on higher-cost funding, with borrowings declining both year-over-year and quarter-over-quarter.
Q3 snapshot:
- Total sector assets: $102.83B (+4.12% y/y)
- Residential mortgages: +$2.56B (+4.69% y/y)
- Residential mortgage delinquencies: 1.00% (up 57 bps y/y; +8 bps q/q)
- Commercial loans: +$1.90B (+7.39% y/y)
- Profitability: 31 bps
- Borrowings: down 3.0% y/y and 4.5% q/q
Canada’s luxury housing market splinters by region as prices hold steady
Canada’s luxury housing market became more regionally divided in 2025, with sales slowing in Toronto and Vancouver while activity picked up in Ottawa, Montreal and Halifax, according to Engel & Völkers’ year-end report.
Nationally, average luxury home prices were largely unchanged, with the $1 million to $1.99 million segment remaining the most active across all markets.
“2025 marked a shift from momentum-driven buying to more deliberate decision-making,” said Stuart Siegel, president and CEO of Engel & Völkers Americas. “Buyers were highly selective, but they remained willing to pay for quality, location and long-term livability.”
Toronto sales in the $1 million to $1.99 million range fell 15% year-over-year, while Vancouver saw a 9% decline. Prices in both markets held steady. In contrast, Ottawa posted a 33% increase in units sold in the same segment, while Montreal saw a 32% rise in $1 million to $3.99 million detached sales and Halifax recorded a 23% increase.
Engel & Völkers expects the luxury market to remain selective in 2026, with performance continuing to vary by region.
AI platform Mave raises $5M as brokerages look to automate core workflows
As brokerages across real estate and mortgage channels look to cut administrative friction and scale operations, Toronto-based AI platform Mave has raised $5 million in seed funding to expand its brokerage-focused automation tools.
“The real estate industry is at a turning point,” said Raz Zohar, founder and CEO of Mave. “We’re building toward a future where every Realtor has an AI partner that amplifies their expertise, rather than replaces it.”
The round included new backing from Staircase Ventures, alongside returning investors Relay Ventures, N49P and Alate Partners.
Mave says demand for its platform has accelerated rapidly, with more than 70% of brokers using the product weekly. The company is currently onboarding roughly 8,500 Realtors and is working with dozens of major Ontario brokerages. Another 10,000 agents and 100 brokerages are on a waitlist, according to the company.
The funding will be used to expand Mave’s engineering and product teams and to support broader North American growth. Mave plans to grow its headcount to about 25 by year-end.
Mave’s platform uses MLS data to build brokerage- and board-compliant workflows tailored to each agent’s brand. It is designed to automatically detect key listing and market events and generate brand-aligned marketing and communication campaigns without manual input from agents.
Consumer confidence stuck in neutral as housing outlook remains cautious
Canadian consumer confidence remained stuck near neutral in mid-January, with households still divided on the outlook for the economy and real estate, according to the latest Bloomberg Nanos Canadian Confidence Index.
The overall index registered at 50.16, hovering just above the neutral 50 mark. While views on personal finances improved modestly, expectations tied to the broader economy and housing remained softer.
The Nanos Expectations Index, which tracks sentiment around the economy and real estate, stood at 47.00. About 45% of Canadians expect the economy to weaken over the next six months, compared with 18% who anticipate improvement. Views on real estate were more balanced: 35% expect home values in their neighbourhood to rise, 39% see prices holding steady and 19% anticipate declines.
“For the past six months, consumer confidence has generally been in neutral territory as Canadians wait to see what the next steps in the Canada-U.S. trade relationship might bring,” said Nik Nanos, chief data scientist at Nanos Research. “In this context, people are neither exuberant nor despondent.”
Next Steps: Mortgage industry career moves
HomeEquity Bank names Yousry Bissada as president and CEO
HomeEquity Bank has appointed Yousry Bissada as its new president and chief executive officer, effective Jan. 15, 2026. He succeeds Dan Jauernig, who had been serving as interim CEO and will return to his role as board chair.
Bissada brings more than 30 years of experience across the mortgage, banking and financial technology sectors. He joins HomeEquity Bank as it approaches its 40th year.
He most recently served as CEO of Home Trust and later as vice-chair of Fairstone Bank following the merger of Home Trust and Fairstone. During his tenure at Home Trust, Bissada led the lender through a period of stabilization, broker-market rebuilding and technology modernization.
Read more: HomeEquity Bank taps Yousry Bissada as president and CEO
FSRA appoints Wing-Yee Wong as Chief Financial Officer
The Financial Services Regulatory Authority of Ontario has appointed Wing-Yee Wong as its new chief financial officer, effective Feb. 2, 2026.
Wong brings more than 20 years of financial leadership experience in the Ontario public sector. Most recently, she served as director of finance, procurement and logistics at Elections Ontario, where she oversaw financial planning, controllership, payroll and facilities, and helped implement new finance and payroll systems ahead of the 2025 provincial election.
She previously held senior roles at Supply Ontario and across several provincial ministries, managing large-scale budgets and leading organizational and financial transformation initiatives.
“Next Steps” is a feature in our Mortgage Digests that highlights notable job changes and career advancements within the mortgage industry. If you have a job update to share, we welcome your submissions to keep the community in the loop.
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Last modified: January 23, 2026
