The disclosure provides a glimpse into how borrowers have fared after the Bank of Canada hiked interest rates
CMHC forecasts 32-per-cent drop in new home construction due to inflation, labour shortages
The agency’s results mirror its competitors in the private sector. Canada Guaranty Mortgage Insurance Co. disclosures show its proportion of loans with an estimated LTV ratio above 100 per cent increased by more than six times to nearly $4-billion in the fourth quarter of last year. That represented 5 per cent of its outstanding insured mortgages for individuals, according to Canada Guaranty’s quarterly portfolio metrics. That is up from $532-million, or 0.
CMHC’s Mr. Tremblay said that the agency expects that strong employment levels and the outlook for the market over the next two years will result in a stabilization and an eventual reduction in this ratio.
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