Canadian mortgage growth slowed in Q2 2022, but households are still facing record levels of real estate debt. CMHC_ca | realestate realestatenews Canada economy
, released Wednesday. The report examines the mortgage industry landscape and mortgage market trends as of Q2 and Q3 2022.
CMHC’s data shows that residential mortgage debt has observed sluggish growth since the first Bank of Canada interest rate hike in March 2022, reaching $2.05T in August 2022. “An economic environment tinted by uncertainty, rising interest rates and inflationary pressure has contributed to the decrease in new mortgage originations in the first two quarters of 2022,” says the national housing agency. In that timeframe, chartered banks saw a 7.9% drop in originated mortgage loans, mortgage loans for property purchases dropped by 5.5%, and refinances fell by 13.3%. In addition, non-bank mortgage lending activity fell by more than 23% year over year.
Credit unions saw the lowest rate of mortgages in arrears, down to 0.10%, followed by mortgage finance companies trusts, and insurance companies, at 0.12%, chartered banks, at 0.14%, and mortgage investment entities, at 0.69%.Zakiya is a staff writer with STOREYS. Previously, she has reported on real estate for Post City Magazines, Apartment Therapy, and Curbed. She also writes a quarterly series for a Canadian design publication.
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