CIBC reported a rise in mortgage delinquencies in the first quarter, though they still remain below pre-pandemic levels and aren't expected to translate into "material" losses, the bank said.
National Bank reported a rise in mortgage delinquencies, though primarily in its insured variable-rate mortgage portfolio.
Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization.
TD Bank said "positive payment actions" taken by its mortgage clients have reduced the number of mortgages that currently have a negative amortization.
Like most other financial institutions, BMO said the bulk of its mortgage portfolio will be up for renewal in the coming three years, with the payment increases averaging up to 40%.
Despite interest rates having been elevated for over a year, Canada's largest bank said the bulk of the impact is yet to be felt with nearly three quarters of its mortgage portfolio coming up for renewal over the next three years.
Scotiabank saw a rise in mortgage delinquencies in the fourth quarter, and said it's bracing for further credit losses due to higher-for-longer interest rates and a wave of upcoming mortgage renewals.
Canada's banking regulator recently confirmed it will move ahead with new capital requirements for lenders and insurers with negatively amortizing mortgage portfolios.
Canada's banking regulator announced today an increase in the amount of capital banks must keep on hand to cover potential future losses.
Over the past week, nearly all of Canada's Big-6 banks have increased their shorter-term fixed mortgage rates.