According to CMHC:

“Approximately 70 per cent of Canadian mortgages are insured. In the U.S., during the years preceding the economic downturn in 2008, about 15 per cent of mortgages were insured,” says CMHC’s Karine LeBlanc. “Due to prudent underwriting standards and the high quality of mortgage lending, the rate of mortgage arrears in Canada is less than one half of one per cent.”

Some positive news regarding our situation in Canada 🙂