RE:Mortgage defaults at historic low in 2023 Unemployment levels in Canada are still low. The fact that mortgage arrears are low today doesn't tell us anything if the unemployment were to rise.
Btw, low unemployment is a leading indicator that we are at the top of the market cycle.
The market participant survey data shows that most participants believe real gdp is going to be negative in 2023.
https://www.bankofcanada.ca/2023/04/market-participants-survey-first-quarter-of-2023/