The Residential Mortgage Industry report provides an economic analysis of the residential mortgage industry in Canada. It reviews the latest data on insured and uninsured mortgages from all lender types and provides details on emerging trends in the Canadian residential mortgage industry.
Using the latest data available, the Fall 2022 Report indicated:
- After increasingly opting for variable rates, more than half of Canadian homeowners chose fixed-rate mortgages.
- Some people are having a hard time getting loans from regular banks due to stricter rules and higher interest rates. Alternative lenders are a growing market for these people.
- Mortgage loans for property purchases decreased by 5.5% and refinanced mortgages decreased by a whopping 13.3%.
More than half of homeowners in Canada opt for fixed-rate mortgages
The gap between homeowners choosing variable-rate and fixed-rate mortgages has been closing. Since June 2022, federally regulated financial institutions have lent more funds for new and renewed mortgages under fixed-rate agreements than variable-rate agreements: 55% of recent mortgage borrowers opted for a fixed-term mortgage.