Communication is the key to avoiding foreclosure, according to a local mortgage broker.

According to the latest figures from the Canadian Bankers Association, there was a 40 per cent rise in the the number of mortgages in arrears in January compared with last year. And local realtors put the number of foreclosures in Calgary at around 650 listings, a figure Julie Vesuwalla says is about double previous years.

Mortgage broker Richard Moxley says talk to your bank if you are about to default on a mortgage payment. He says there are options available to manage financial issues, but without talking to the banks they have no options left but to seek foreclosure.

"I've probably seen probably about triple the number of people calling me over last year."