Survey of Non-Bank Mortgage Lenders, fourth quarter 2019
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Released: 2020-07-09
Fewer residential mortgages extended in the fourth quarter
The total number of residential mortgage loans extended by non-bank mortgage lenders decreased 0.7% to 162,631, down from 163,791 in the third quarter. The value of these loans held steady at $40.3 billion.
Mortgages extended during the fourth quarter of 2019 represented 12.3% of the total value and 9.6% of the total number of outstanding residential mortgages.
While the economic and social landscape of Canada is very different at the time of this release than it was in the fourth quarter of 2019, these data provide a valuable baseline to better understand the potential impacts of COVID-19 in later reference periods.
The value of insured mortgages extended decreased 3.4% to $16.6 billion, while the number of these mortgages remained steady at 60,148. The value of uninsured mortgages extended increased 2.5% to $23.7 billion, while the number of these mortgages declined 1.1% to 102,483.
The average value of insured mortgages extended decreased 3.4% to $276,444, while the average value of uninsured mortgages extended increased 3.6% to $230,930.
Infographic 1
Value of insured and uninsured mortgages extended
Value of outstanding mortgages decreases slightly
Non-bank residential mortgage lenders held 1.7 million outstanding mortgages at the end of the fourth quarter of 2019, unchanged from the previous quarter. The total value of these outstanding mortgages decreased 0.3% to $326.4 billion, while their average value declined 0.3% to $192,041.
The value of insured outstanding mortgages was down 3.2% to $134.8 billion in the fourth quarter, while the number of these mortgages decreased 3.5% to 593,324. Meanwhile, the value of uninsured outstanding mortgages increased 1.9% to $191.6 billion, and the number of these mortgages rose 2.0% to 1.1 million.
Although the average value of uninsured outstanding mortgages ($173,172) was almost one-quarter lower than the average value of insured mortgages ($227,223), they accounted for more than half of the total value of outstanding mortgages held by non-bank mortgage lenders.
Infographic 2
Value of insured and uninsured outstanding mortgages
Value of residential mortgages in arrears over 90 days up slightly
There were 3,999 mortgages in arrears over 90 days in the fourth quarter of 2019, down less than 1% from the previous quarter. The total value of mortgages in arrears over 90 days increased 1.1% to $884.1 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.
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, third 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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