Skip to content
CMHC Home Canada Mortgage
and Housing Corporation
  • Sign In or Register
  • Français
  • MENU
MENU
× Français
  • Home
  • Professionals
    • Project funding and mortgage financing
      • Funding programs
        • Affordable Housing Fund
        • Affordable Housing Innovation Fund
        • Apartment Construction Loan Program
        • Canada Greener Affordable Housing
        • Community (social) housing
        • Federal Lands Initiative
        • Funding for Indigenous housing
        • Housing Supply Challenge
        • Innovation and research
        • National Housing Strategy Project Profiles
        • Rapid Housing Initiative
      • Mortgage Loan Insurance Products
        • Homeowner and Small Rental Mortgage Loan Insurance
          • CMHC Purchase
          • CMHC Improvement
          • CMHC Income Property
          • CMHC Refinance
          • CMHC Newcomers
          • CMHC Self-Employed
          • CMHC Portability
          • Eco Products for Lenders
        • Multi-Unit and Rental Housing
          • MLI Select
        • Default, claims and properties for sale
        • Underwriting centre
        • emili
        • NHA approved lenders
        • Calculating GDS / TDS
        • How to recognize and report mortgage fraud
        • Contact mortgage loan insurance
        • Insured Mortgage Purchase Program (IMPP)
      • Securitization
        • NHA Mortgage Backed Securities
        • Canada Mortgage Bonds
        • Canadian registered covered bonds
        • Blockchain in the housing industry
    • Housing markets, data and research
      • CMHC Reports Calendar
      • Housing markets
        • Housing market reports
        • Mortgage market and consumer reports
        • Fall 2024 Rental Market Report
      • Housing research
        • Consultations
          • Prohibition on the Purchase of Residential Property by Non-Canadians Act
            • Prohibition on the Purchase of Residential Property by Non-Canadians Act – Frequently asked questions
        • Housing research reports
        • Housing surveys
          • Mortgage consumer surveys
        • Research awards and scholarships
        • Understanding core housing need
        • Collaborative Housing Research Network
      • Housing data
        • Data tables
          • Household characteristics data
          • Housing market data
          • Mortgage and debt data
          • Rental market data
        • Housing market information portal
        • Residential Mortgage Industry Data Dashboard
        • CMHC licence agreement for the use of data
        • Housing Knowledge Centre
    • Industry innovation and leadership
      • Housing innovation
      • Our Partners
        • Partnerships
        • Federal, Provincial and Territorial Forum on Housing
      • Industry collaboration
        • Expert Community on Housing (ECoH)
      • Industry expertise
        • Affordable housing
        • Indigenous housing
        • Senior housing
        • Accessible and adaptable housing
        • Developing sustainable housing
        • Resources for mortgage professionals
        • CMHC newsletters
    • Events and speakers
      • Conferences
        • 2024 National Housing Conference
          • About
          • National Housing Conference - Agenda
          • Location
          • InnoZone
          • Details for participants
      • Speakers’ bureau
        • Kevin Hughes
  • Consumers
    • Buying a home
      • Homebuying calculators
        • Mortgage calculator
        • Affordability calculator
        • Debt service calculator
      • Buying guides
        • Homebuying step by step
        • CMHC's condominium buyer's guide
      • Mortgage loan insurance for consumers
        • What is CMHC mortgage loan insurance?
        • Do I qualify for mortgage loan insurance?
        • CMHC mortgage loan insurance costs
        • CMHC's Eco Products
          • CMHC’s Eco Improvement
          • CMHC Eco Plus
        • CMHC — home renovation financing options
        • FAQs — mortgage loan insurance
      • Incentives for homebuyers
      • Newcomers
      • The First-Time Home Buyer Incentive
    • Owning a home
      • Manage your mortgage
        • Mortgage fraud
        • Mortgage planning tips
        • Plan and manage your mortgage
        • Your credit report
        • Your home value
      • Aging in place
        • Housing options for Seniors
        • Housing and finance tips
        • Mortgage financing options for people 55+
        • Preventing fraud and financial abuse
    • Renting a home
      • I want to rent
        • Things to consider before renting
        • Types of housing for rent in Canada
        • Finding or advertising a rental property
        • Visiting the rental property
        • Lease and rental agreements
        • Signing the lease
        • Credit checks and bad credit
        • Rental payments and deposits
        • Roommates and pets
      • I am renting
        • Moving day
        • Landlord/Tenant responsibilities
        • Inspections
        • Maintenance and repairs
        • Complaints and evictions
        • Rent increases
        • When you can't pay rent
        • Renewing or terminating the lease
        • Moving out
      • One-Time Top-Up to the Canada Housing Benefit
      • COVID‑19: eviction bans and suspensions to support renters
  • About CMHC
    • CMHC’s goals, values and commitment to housing
    • Discover Life at CMHC
    • Management and governance
      • Speakers’ bureau
      • CMHC's Annual Public Meeting
      • CMHC’s board of directors and committees
      • Our management committee
      • Pension governance
        • Pension overview
        • Key roles and responsibilities
        • Annual reports
    • Corporate reporting
      • CMHC’s 2023 Annual Report
      • Program evaluation
      • Quarterly financial reports
      • Joint auditors special examination report to CMHC board 2018
      • CMHC’s Insured Mortgage Deferral
      • Corporate Plan Summary
      • Transparency
        • Access to information and privacy protection
        • Accessibility at CMHC
        • Accessibility feedback process
        • Briefing materials
        • Procurement
          • Vendor Diversity Program
        • Travel, hospitality and conference expenditures
    • Contact us
      • Contact mortgage loan insurance
      • Regional offices
      • Granville lsland
      • Indigenous and the North Housing Solutions
      • National office
      • Holiday service hours
  • Media Newsroom
  • National Housing Strategy
    • What is the strategy?
      • About the initiatives
      • How to apply
      • Help and resources
      • Priority areas for action
      • The National Housing Strategy Glossary of Common Terms
      • The Strategy in Action
    • Federal/Provincial/Territorial housing agreements
    • Other funding and financing opportunities
  • The Housing Observer
  • Canada’s Housing Podcast
  • Careers
  • Housing Knowledge Centre
 
  • Home
  • Media Newsroom
  • Mortgage Market Slowing & Share of Uninsured Mortgages Increasing: New CMHC Report
  • Save
  • Share

Mortgage Market Slowing & Share of Uninsured Mortgages Increasing: New CMHC Report

Ottawa, July 16, 2019

Save Icon

SAVE TO MY FOLDER

Mortgage Market Slowing & Share of Uninsured Mortgages Increasing: New CMHC Report

SAVE
Close this Window   |   Manage my Folder
Save Icon

SAVE TO MY FOLDER

Mortgage Market Slowing & Share of Uninsured Mortgages Increasing: New CMHC Report

Done Done!
Close this Window   |   Manage my Folder
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • print
  • CopyLink

SuccessCopyLinkVersionLink copied

Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • print
  • CopyLink

SuccessCopyLinkVersionLink copied

share icon

Mail-blue Share via Email

Did You Know?

You can include an email signature?

Register | Sign In

×
Google Captcha Loader
share icon

Mail-blue Share via Email

Done Done!
Close this window

Recent mortgage regulations, rising interest rates and a softening Canadian housing market contributed to a general slowing of the mortgage market in 2018 while the uninsured mortgage market grew. This analysis is according to the very first Residential Mortgage Industry Report released today by Canada Mortgage and Housing Corporation (CMHC).

This new report provides insight into the evolving mortgage industry landscape and recent mortgage market trends in Canada. It covers everything from mortgage origination to funding, insured and uninsured mortgages, and activity from all mortgage lender types, including Mortgage Investment Corporations (MICs).

This inaugural report offers a broader understanding of the growing presence of alternative lenders in the market and the role they play in the financial system. The report will be produced and released annually, while highlights will be updated and released on a quarterly basis.

Key insights on 4 different types of lenders in 2018

 

Sources: Canadian Bankers Association, CMHC calculations based on Statistics Canada Custom request, Fundamentals Research and CMHC calculations based the Non-Bank Mortgage Lenders Survey
* Results from 2018 Q3

Report highlights: 

Mortgage lending trends 

  • In 2018, mortgage originations declined due to new regulations, rising rates and softening housing markets resulting in the slowest year-over-year growth rate of outstanding mortgages in more than 25 years.
  • New mortgages for the purchase of property decreased by 19%, while refinanced mortgages by the same lender decreased by 12%, compared to 2017.

Mortgage insurance trends

  • The share of mortgages that are uninsured has been increasing. The increase is a result of adjustments to regulatory changes, of changes in economic conditions and of changes to portfolio insurance.
  • Insured mortgage originations accounted for less than 1 in 3 new mortgage loans in 2018.
  • Over time, the share of outstanding insured mortgages has decreased by about 16 percentage points from 57% in the first quarter of 2015 to 41% in the same period in 2019.

Mortgage trends by type of lender

  • Last year, federally regulated financial institutions (FRFIs) held an estimated 78% of all mortgage debt.
  • Credit Unions and Mortgage Finance Companies (MFCs) held approximately 14% and 6% respectively.
  • Mortgage Investment Corporations (MICs) held an estimated $13 - 14 billion of mortgages outstanding. Their share of mortgage originations was more than double their share of the stock, which is partly due to their increasing market share in the uninsured space.

Mortgage rate trends

  • Most Canadian mortgage consumers choose fixed-rate mortgages with 5-year terms.
  • However, variable-rate mortgages have been gaining popularity. In the first quarter of 2019, the average share of new mortgages with a variable rate stood at 29%, a 12-percentage point increase relative to the same period in 2017.

Mortgage funding trends

  • Deposits are the main source of mortgage funding for chartered banks and credit unions. As of the fourth quarter of 2018, the Big Six Banks funded more than 64% of their residential mortgages through deposits, while credit unions used this funding source for more than 3 out of 4 mortgages.
  • Covered bonds have gained close to 1-percentage point of the funding market, reaching a record 9.5% in the same period.
  • Private securitization such as RMBS and ABCP still account for a very small share of funding sources in Canada, hovering between 0.5% and 1.5%
  •  CMHC’s funding programs accounted for 30% of all outstanding mortgage credit in Canada at the end of 2018.

Quick facts:

  • The data for this release is from 2018, unless otherwise indicated.
  • In addition to data driven analysis on the mortgage market, the Residential Mortgage Industry Report includes information from stakeholders gathered during industry round tables, which is another way to understand fundamental changes impacting the mortgage industry.
  • In collaboration with Statistics Canada, CMHC has developed a new survey that gathers information on mortgage lending activity in the non-bank mortgage lending space. The first results of the Non-Bank Mortgage Lenders Survey by lender type are now made available through this report.
  • The data and insights for the report were gathered as part of CMHC’s housing finance data gaps initiatives, which increase the availability of data and analysis to support evidence-based policy and business decisions in the industry.

Quotes:

“CMHC makes continuous efforts in filling data gaps across the housing spectrum as they are identified. This new report gathers information from several key initiatives and partnerships including the Non-Bank Mortgage Lender Survey, a Mortgage Investment Corporation (MIC) survey, and CMHC’s residential Mortgage data-reporting framework of NHA MBS issuers. By making this type of information available to the public, we support evidence-based policy and informed decision making within the housing finance sector.”
— Michel Tremblay, Senior Vice-President, Policy and Research, Canada Mortgage and Housing Corporation

Associated links:

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry.

For more information, follow us on Twitter, YouTube, LinkedIn, Facebook and Instagram

Media contact:

Audrey-Anne Coulombe (Ottawa)
Media Relations, CMHC
613-748-2573
acoulomb@cmhc-schl.gc.ca

Angelina Ritacco (Toronto)
Media Relations, CMHC
416-218-3320
aritacco@cmhc-schl.gc.ca

Was this page relevant to your needs?

Thank you for your feedback!

How Can We Help?

Suggest an Improvement

Report a Bug

How Can We Help?

Suggest an Improvement

Please share your suggestion.

Google Captcha Loader

How Can We Help?

Report a Bug

Please describe the problem.

Google Captcha Loader

Thank you. Your feedback has been submitted.

Date Published: July 16, 2019

By Topic

  • Professionals
    • Project funding and mortgage financing
    • Housing markets data and research
    • Industry innovation and leadership
    • Events and speakers
  • Consumers
    • Home buying
    • Owning a home
    • Renting a home

About Us

  • CMHC's Story
  • Management and Governance
  • Our Partners
  • Corporate Reporting
  • Contact Us
  • Careers

More

  • CMHC Newsletters
  • CMHC Library
  • Housing Observer
  • Media Newsroom
  • CMHC and Accessible Housing
  • CMHC on Twitter
  • CMHC on LinkedIn
  • CMHC on Facebook
  • CMHC on Instagram
  • CMHC on YouTube
Privacy Policy    |    Terms and Conditions    |    Transparency    |    Accessibility Plan    |    Accessibility Feedback     Canada Mortgage and Housing Corporation (CMHC) ©2025 
Canada
loader icon