Eighteen months into one of the most vigorous hiking cycles in history, 90-day #prime mortgage# arrears are still dragging along the historical bottom at just 15 bps. A year ago, virtually every analyst in the game thought they'd be higher by now.
But the fact that 90-day arrears are less than half the 36 bps long-term average is no longer a mystery. Low unemployment, strong equity positions, government intervention, supportive banks, accumulated savings, strong underwriting and other factors are keeping Canadians in their homes and jingle-mail at bay.
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