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Survey of Non-Bank Mortgage Lenders, third quarter 2019

Released: 2020-05-20

Just over 1.7 million outstanding mortgages were held by non-bank residential mortgage lenders at the end of the third quarter of 2019, up 0.3% from the previous quarter. The total value of these outstanding mortgages increased 0.6% to $327.2 billion, while the average value rose 0.3% to $192,544.

While the economic and social landscape of Canada is much different today than it was in the third quarter of 2019, these data will provide a valuable baseline to inform policy and better measure the impact of COVID-19.

The value of insured outstanding mortgages rose 0.5% to $139.3 billion in the third quarter, while the number of insured outstanding mortgages increased 0.8% to 614,549.

Although the average value of uninsured outstanding mortgages ($173,216) was about one-quarter lower than that of insured mortgages ($226,668), they accounted for about 57% of the total value of outstanding mortgages held by non-bank mortgage lenders.

Infographic 1  Thumbnail for Infographic 1: Value of insured and uninsured outstanding mortgages
Value of insured and uninsured outstanding mortgages

Fewer residential mortgages extended in the third quarter

Non-bank lenders extended 1.6% fewer residential mortgage loans in the third quarter, down to 163,791 from 166,482 in the second quarter. The value of these loans decreased 1.9% to $40.3 billion following a 25.4% increase in the second quarter. The sharp rise in the second quarter was largely attributable to increased sales in key housing markets of condominiums and townhouses.

The number of insured mortgages extended declined 9.7% to 60,200, while uninsured mortgages extended rose 3.8% to 103,591.

The average value of insured mortgages extended increased 1.4% to $286,046, while the average value of uninsured mortgages extended decreased 0.1% to $222,909.

Infographic 2  Thumbnail for Infographic 2: Value of insured and uninsured mortgages extended
Value of insured and uninsured mortgages extended

More residential mortgages in arrears over 90 days

There were 4,034 mortgages in arrears over 90 days in the third quarter of 2019, up 10.3% from the previous quarter. The total value of mortgages in arrears over 90 days increased 6.9% to $874.8 million.

Mortgages in arrears over 90 days accounted for 0.3% of the total value and 0.2% of the total number of outstanding mortgages at the end of the quarter, in line with national delinquency rates.


  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 issue residential mortgages, but also those that purchase them.

Please refer to Survey of Non-Bank Mortgage Lenders, second quarter 2019, for quarterly comparisons.

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

Definitions:

Outstanding mortgages refer 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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