To determine the creditworthiness of a borrower, financial institutions often use credit scores. Credit scores are based on the credit report of the individual: the higher the score, the lower the risk that debtors fall into arrears. In Canada, a fair credit score is between 600 and 659, whereas if it's below 600, it is considered poor. As of the third quarter of 2023, approximately 4.6 percent of mortgage holders in Canada had a fair or poor credit score.
Share of mortgage holders with poor or fair credit score in Canada from 3rd quarter 2012 to 3rd quarter 2023
Census metropolitan areas and agglomerations (CMAs)
Supplementary notes
The source adds the following information:
"ERS ranges often used are:
- Poor (less than 599);
- Fair (600-659);
- Good (660-719);
- Very Good (720-779);
- Excellent (more than 780)"
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Canada Mortgage and Housing Corporation. (December 18, 2023). Share of mortgage holders with poor or fair credit score in Canada from 3rd quarter 2012 to 3rd quarter 2023 [Graph]. In Statista. Retrieved October 02, 2024, from https://www.statista.com/statistics/1203034/share-of-mortgage-holders-with-poor-and-fair-credit-score-canada/
Canada Mortgage and Housing Corporation. "Share of mortgage holders with poor or fair credit score in Canada from 3rd quarter 2012 to 3rd quarter 2023." Chart. December 18, 2023. Statista. Accessed October 02, 2024. https://www.statista.com/statistics/1203034/share-of-mortgage-holders-with-poor-and-fair-credit-score-canada/
Canada Mortgage and Housing Corporation. (2023). Share of mortgage holders with poor or fair credit score in Canada from 3rd quarter 2012 to 3rd quarter 2023. Statista. Statista Inc.. Accessed: October 02, 2024. https://www.statista.com/statistics/1203034/share-of-mortgage-holders-with-poor-and-fair-credit-score-canada/
Canada Mortgage and Housing Corporation. "Share of Mortgage Holders with Poor or Fair Credit Score in Canada from 3rd Quarter 2012 to 3rd Quarter 2023." Statista, Statista Inc., 18 Dec 2023, https://www.statista.com/statistics/1203034/share-of-mortgage-holders-with-poor-and-fair-credit-score-canada/
Canada Mortgage and Housing Corporation, Share of mortgage holders with poor or fair credit score in Canada from 3rd quarter 2012 to 3rd quarter 2023 Statista, https://www.statista.com/statistics/1203034/share-of-mortgage-holders-with-poor-and-fair-credit-score-canada/ (last visited October 02, 2024)
Share of mortgage holders with poor or fair credit score in Canada from 3rd quarter 2012 to 3rd quarter 2023 [Graph], Canada Mortgage and Housing Corporation, December 18, 2023. [Online]. Available: https://www.statista.com/statistics/1203034/share-of-mortgage-holders-with-poor-and-fair-credit-score-canada/