Poor or fair credit score of mortgage borrowers in Canada 2012-2023, per quarter
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.