The National Post reports in its Tuesday, Oct. 20, edition that more Canadians are falling behind on mortgage payments, raising concerns for the housing market. The Post's David George-Cosh writes that Canada has the second-lowest mortgage arrears rate in the G7, but the rate of homeowners seriously behind on payments has doubled since its 2022 low. That is the steepest rise in the G7. The Macdonald-Laurier Institute finds that 0.29 per cent of Canadian mortgages were in arrears in September, up from 0.14 per cent in August, 2022. Apart from Japan, which enjoys a healthy mortgage arrears rate of 0.20 per cent, the rest of the G7 fared worse. Butler Mortgage's Ron Butler notes that Canadian condo investors are struggling with rising financing costs, declining rents and increased vacancies. Many find themselves underwater on their investments, unable to sell their units to repay their mortgages, and are forced to continue pouring money into losing properties. CIBC economist Benjamin Tal says Canada's increase in arrears came as borrowers renewed mortgages taken out at exceptionally low rates in 2021 when the Bank of Canada made extraordinary moves to shield the economy during the COVID-19 pandemic.