LTVs Of CMHC-Insured Mortgages

It’s a common perception that mortgage default insurance applies to only high-ratio mortgages. That’s not actually the case.

CMHC had $472.6 billion in mortgage insurance outstanding as of December 31.  Of that total, 71.1% of its insured mortgages had a loan-to-value of 80% or less, based on current home values.

Only 4.5% had LTVs over 95%, and roughly 87% of CMHC-insured mortgagors had 10% or more equity.

CMHC-LTVs

(Source:  Insurance-in-force data from CMHC’s 2009 Annual Report)

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