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Bank of Montreal
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Close 2021-04-01 C$ 113.00
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Globe says CIBC, rivals hear loans getting paid down

2021-04-05 07:52 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Friday edition that Canadian homeowners have boosted their additional mortgage payments during the pandemic. The Globe's Rachelle Younglai writes that a total of $34-billion of additional or unscheduled mortgage payments were made last year, compared with $31-billion in 2019, says a new report from Canada Mortgage and Housing Corp. Previously, unscheduled mortgage payments fell from 2017 through to 2019, according to CMHC's Residential Mortgage Industry Report. More homeowners were able to make additional mortgage payments as pandemic restrictions slashed all types of spending. The country's household savings rate -- the share of disposable income left after spending -- hit 27.8 per cent in the second quarter of last year, the period of the most severe lockdowns. That rate has since declined to 12.7 per cent in the fourth quarter, according to Statistics Canada. That is still high historically and prepandemic, it is a level not seen since the early 1990s. The savings rate is higher for higher income brackets, according to Statscan. Many homeowners are the ones who kept their jobs and were able to work from home, while lower-paid workers got slammed by COVID-19.

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