CMHC just released its quarterly dashboard for the Residential Mortgage Industry Quarterly Report. This report helps fill housing market data gaps by providing the latest trends and data in the mortgage industry.
Key highlights from the winter 2022 dashboard include:
- More Canadians have taken on new mortgages (both for property purchases and refinancing) which led to an acceleration of mortgage debt in 2021 mainly driven by increases in new property purchases in the uninsured market.
- Uninsured loans with a TDS over 40% increased to over 25% of mortgages extended in the quarter and this share has been increasing since the second half of 2020. These more leveraged borrowers face higher monthly payments relative to income, thus affecting their ability to continue to afford mortgage payments and increasing risks.
- Mortgages in arrears continued to decrease across all lender types. While emergency COVID-19 related mortgage deferrals have largely ceased, property owners are able to take advantage of tight market conditions to avoid delinquencies.