CMHC is Canada’s largest mortgage default insurer and its Corporate Plan Summary has a load of data about how it operates.
On average, CMHC insures people with good credit, good equity, modest mortgage amounts and traditional (~25-year) amortizations.
Here are other highlights…
General Market Data
Amortization and Terms
Value and Equity
Rob McLister, CMT
Thanks for the info, some interesting stats in there. These numbers actually dont seem that scary, i would have imagined they’d sound worse.
It is very particular to see that BC has only 16% of the total. I can see that Quebec and Ontario still hold the records for more people buying houses in Canada.
Thanks for the stats. I can see that we are doing better than our neighbor in the south.
Maple Ridge Homes
Remember, these are stats for only CMHC insured homes (including pooled CMB conventional mortgages). I think Rob had some stats from a week ago about how many mortgages in Canada are actually high ratio. Rob, can you share any info you have on the percentage of all mortgages that are high ratio (this might put this numbers into focus more). Thanks.
Think of a situation where people’s houses are 50% overvalued then look at these numbers again. I’d be more interested to see stats that stated equity at time mortgage was started in the last 10 years. I know everyone has tons of “equity” that will vaporize in the coming years as prices return to historic averages. Then these numbers won’t look so pretty when “the wealth effect” is over. Statics lie, never forget that.
Those averages distort what CMHC has done the last couple of years.Flaherty is making changes B-3.
Hi David, Roughly 4 out of 5 home owners have at least 20% equity according to CAAMP. In addition, CMHC says 71% of CMHC-insured mortgages have 20%+ equity. Cheers…Rob
One relevant stat: As of 2010, Genworth found that 49% of home buyers polled made down payments of 20% or more on their most recent home purchase.
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