Outstanding mortgage volume continues rising

Outstanding mortgage volume continues rising

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The total value of outstanding residential mortgages in Canada continues to grow, according to the national statistics agency.

Uninsured residential mortgage volume held by chartered banks grew by 39.6% on a quarterly basis in Q3, while the value of insured mortgages with these institutions ticked down by 3.6% during the same period, Statistics Canada said.

Meanwhile, Canadian non-bank mortgage lenders saw the total value of their mortgages go up by 1.1% quarterly, with the volume of outstanding mortgages rising in seven of the past 10 quarters.

“This was driven by the growth in outstanding uninsured mortgages: from the second quarter of 2019 to the third quarter of 2021, the value and the number of uninsured mortgages grew in most quarters, increasing by a total of 19.6% and 8.6%, respectively,” StatCan reported. “In contrast, the value and number of outstanding insured mortgages decreased in most quarters during that same period, and declined by a total of 8.2% and 10.7%, respectively.”

Sam Ansari

Website: https://samansari.com

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