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Housing finance system

Research to identify solutions contributing to a stable housing finance system.

Balanced, affordable, and stable housing and mortgage markets help foster conditions that provide Canadians with more affordable market housing options. This leaves more government resources available for populations that are vulnerable and need it most.

This research seeks to find solutions for troublesome areas in the housing finance system. It will:

  • investigate the drivers and conditions of a balanced housing market to contribute to financial system stability
  • propose solutions to sources of friction in the housing finance system that increase financing costs for homeowners and housing providers developing rental units
  • identify and evaluate impacts and opportunities of financial industry transformation
  • explore new and innovative approaches shaping the housing industry towards achieving social and financial efficiencies
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Vulnerabilities in the housing finance system

The research aims to analyze housing finance markets vulnerabilities. It also provides evidence and advice to rethink and restructure the current housing finance system.

 Our reports examine vulnerabilities arising from:

  • high levels of household debt
  • market imbalances and systemic risks
  • inequity in access to housing and housing finance
  • climate change and natural disasters

The final outcome of this research will support policy and business decisions in the face of:

  • existing and emerging vulnerabilities
  • lack of housing affordability
  • inequities in access to housing
  • frictions and lack of incentives in the supply of the right type of housing

Our lens on the housing finance system looks beyond homeownership and includes rental housing. This ensures existing and new housing finance solutions provide access to needed financing to develop, purchase, renovate, or improve affordable rental housing that meets the needs of Canadians.

Download the research:

  • Understanding Inequalities in Housing Finance: Research Insight Series
    • Effect of Neighbourhood Racial Composition on Mortgage Interest Rates
    • Property Values Vary Significantly by Race
    • Homeownership Rate Varies Significantly by Race
  • Mortgage Down Payment and Borrower Behaviour
  • Financing Models to Facilitate Access to Homeownership
  • Homeownership and the Financial Security of Canadian Retirees in 2018
  • Alternative Lenders Series

Mortgage industry transformation

Mortgage lenders and other housing finance market participants change how they manage risk over time. They adapt their underwriting practices to the economic environment and integrate new technologies.

These changes present opportunities to enhance the mortgage-lending processes and improve access for underserved groups. It can also bring new risks to mitigate.

We’re deepening our understanding of opportunities and potential risks associated with these changes, such as:

  • the entry of unregulated financial technology (“Fintech”) products and firms
  • mortgage relief measures such as mortgage payment deferral programs
  • rapid growth in the multi-unit industry, notably supported by new financing programs
  • the growth of non-banks, mortgage investment corporations, and private lenders
  • the use of technologies, such as artificial intelligence, in mortgage lending

The results of this research will:

  • provide industry with more transparent, complete and timely information to facilitate their business decisions
  • offer insights to policymakers to identify the potential need for regulatory changes to mitigate risks
  • remove barriers for innovations that can contribute to improving housing affordability and system stability

Download the research:

  • Mortgage Industry Data Standards Foundational Documents
  • Financial feasibility of purpose-built rental in Canada
  • Footprint of FinTechs in the Canadian Mortgage Market
  • Residential Mortgage Industry Report
  • Mortgage Industry Data Standards
  • Recommendation on Framework for Mortgage Industry Data Standards
  • Research Insight: Impact of Credit Unions and Mortgage Finance Companies on the Canadian Mortgage Market
  • Mortgage Investment Corporations — 2016 Update
  • Mortgage Investment Corporations — 2017 and 2018 Updates
  • Risk Profile of Mortgage Investment Corporations
  • Mortgage Deferral Series

Financial solutions to promote private funding

The research identifies housing finance solutions that are sustainable over time by the private sector while managing government financial risk exposure. The goal is to increase the contribution of private resources to support the development of affordable housing.

This research involves identifying:

  • traditional and non-traditional partnerships to increase the supply of affordable housing
  • innovative and disruptive financial solutions targeting environmental and social outcomes

This research focuses on assessing and promoting new or innovative funding mechanisms. In support of affordable housing, we want to advance:

  • new or improved sustainable funding vehicles
  • best industry practices or standards
  • new partnerships
  • better allocation of resources

Download the research:

  • Sustainable Mortgage Bonds
  • What is the Share to Buy Program?
  • Innovative financing for affordable housing in Canada
  • Calculating Social Return on Investment (SROI) for Affordable Housing
  • Case Studies of Housing Projects with Expired Operating Agreements
  • Collective Leverage: Community bonds help develop affordable housing

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Visit our Housing Knowledge Centre for historical reports or to browse our entire collection.

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Date Published: April 21, 2023

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