According to the CEOs of the country’s largest banks, tens of thousands of Canadian borrowers could be vulnerable to defaulting on their mortgages as rates rise and homeowners struggle to make monthly payments.
Scotiabank’s incoming CEO said about 20,000 of the bank’s borrowers could be vulnerable, which represents about 2.5 per cent of the bank’s mortgage customers. The CEOs of several of Canada’s other big banks also said Monday that small percentages of their borrowers are at risk, potentially adding up to tens of thousands of Canadians.
