The financial situation of homeowners continues to deteriorate in Quebec, to the point where the number of notices of exercise, abandonments and sales under judicial supervision continue to increase significantly.
In the third quarter, according to data compiled by JLR, exercise notices increased by 9%, the number of voluntary or forced abandonment (abandonment of a building to the lender) increased by 24% and sales under judicial supervision rose 61% compared to the same period a year ago.
This situation is the late consequence, according to the Equifax subsidiary, of a significant number of loans granted during the pandemic, when borrowers’ liquidity was abnormally abundant.
An increase in the unemployment rate and a decline in consumer confidence in the economy seem to limit for the moment the stimulating effects of the reduction in the key rate by the Bank of Canada.
Over the past year, exercise notices have increased by 15%, the number of voluntary or forced abandonments (abandonment of a building to the lender) has increased by 22% and sales under court supervision have increased by 54% compared to at the same period in 2023.
More details will follow.
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