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Survey of Non-Bank Mortgage Lenders, first quarter 2019

Released: 2019-10-28

More than half of residential mortgages outstanding are uninsured

The total number of outstanding residential mortgages from non-bank lenders at the end of the first quarter of 2019 was 1.7 million, at a total value of $324.9 billion. The average value of those mortgages was $188,820.

Uninsured mortgages represented over half (57.4%, or $186.4 billion) of the total value and almost two-thirds (63.9%, or 1.1 million) of the total number of outstanding mortgages.

The average value of outstanding uninsured mortgages was $169,575, one-third lower than the average value of outstanding insured mortgages ($222,843).

Infographic 1  Thumbnail for Infographic 1: Value of outstanding mortgages: Insured versus uninsured
Value of outstanding mortgages: Insured versus uninsured

The majority of residential mortgages extended are uninsured

In the first quarter of 2019, non-bank mortgage lenders in Canada extended 124,171 residential mortgages at a total value of $32.8 billion. The average value of these mortgages was $263,853.

Uninsured mortgages extended accounted for over half of the total value (56.9%, or $18.6 billion) and over half of the total number (60.2%, or 74,769) of residential mortgages extended.

The average value of uninsured residential mortgages extended ($249,138) was lower than the average value of insured residential mortgages extended ($286,123).

Overall, the residential mortgages extended during the quarter represented 10.1% of the total value and 7.2% of the total number of residential mortgages outstanding.

Nearly two-thirds of residential mortgages in arrears (over 90 days) are uninsured

In the first quarter of 2019, nearly two-thirds (65.1%) of residential mortgages in arrears over 90 days were uninsured. These mortgages represented 0.2% of the total value and 0.1% of the total number of outstanding mortgages.

On average, the value of mortgages in arrears over 90 days was $216,924.

Infographic 2  Thumbnail for Infographic 2: Value of outstanding residential mortgages in arrears over 90 days: Insured versus uninsured
Value of outstanding residential mortgages in arrears over 90 days: Insured versus uninsured

For more information on housing statistics, please visit the Housing Statistics Portal.


  Note to readers

The Survey of Non-Bank Mortgage Lenders is a recent initiative to collect information at the national level. This initiative will help complete the overall picture of the residential mortgage market in Canada. Until recently, residential mortgage data from non-bank lenders were collected only by some organizations at the provincial level, for certain industries, and at varying levels of detail.

The survey covers non-bank residential mortgage lenders, such as local credit unions, mortgage finance companies, trusts, insurance companies, mortgage investment corporations, and private lenders. The entities included are not only those that originate residential mortgages, but also those that purchase them.

As a result of adjustments brought to the survey methodology, the total estimates for the first quarter of 2019 may not be comparable with the estimates for the fourth quarter of 2018, which were released on July 12, 2019.

Some figures may not add up to 100% as a result of rounding.

Definitions:

Mortgages outstanding refers to the mortgage balances remaining on the lender's balance sheet as of the end of the quarter.

Mortgages extended are the mortgages approved, issued and added to the balance sheet during the quarter.

Mortgages in arrears are mortgage loans overdue at the end of the quarter.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; STATCAN.infostats-infostats.STATCAN@canada.ca) or Media Relations (613-951-4636; STATCAN.mediahotline-ligneinfomedias.STATCAN@canada.ca).

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