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M08006298
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11782
Michelle Brienza B.A. (Hons), AMP Mortgage Agent

Michelle Brienza B.A. (Hons), AMP

Mortgage Agent


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Address:
1678 Bloor Street W, 4th Floor, Toronto, Ontario

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Increase in residential mortgages extended by non-bank lenders

2/26/2020

The value of residential mortgage loans extended by non-bank lenders grew by 25.4% to $41.1 billion in the second quarter of 2019. The total number of extended residential mortgages also increased during the quarter to 166,482—an increase of 34.1%.

Mortgages extended during the second quarter of 2019 represented 12.6% of the total value and 9.8% of the total number of outstanding residential mortgages.

The average value of mortgages extended during the quarter was $246,802, down 6.5% from the previous quarter, as the number of mortgages extended grew at a faster rate than the value. Increased sales in key housing markets of condominiums and townhouses, which are often more affordable than other property types, could be responsible for the lower average mortgage value.

Although the majority of mortgages extended by non-bank lenders was uninsured, insured mortgages grew faster (+33.0%) than uninsured mortgages (+19.6%) in the second quarter of 2019. In terms of number of mortgages, both insured and uninsured mortgages extended posted growth above 30% (+34.9% and +33.5%, respectively).

Source: https://www150.statcan.gc.ca/n1/daily-quotidien/200128/dq200128c-eng.htm

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