CMHC says risks remain in mortgage market as delinquencies creep up

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Canada’s housing agency says risks remain in the mortgage market as over a million contracts are up for renewal next year while a growing share of new mortgages are being issued by alternative lenders.

The Conservatives estimate this would reduce the cost of an 800,000 home by 40,000 dollars, and would spur construction.

Mortgages more than 90 days past due made up 0.19 per cent of the overall market in the second quarter of 2024, up from the record low of 0.14 per cent in 2022, but still well below the 0.28 per cent seen pre-pandemic, the agency said. For borrowers with single-family homes in the segment, the rate for those at the top 25 mortgage investment corporations more than 60 days behind in payments reached five per cent in the second quarter, up from 1.7 per cent in the fourth quarter of 2022.

It also warned that alternative lenders have fewer mortgages where they're first in line to be paid back and have higher loan-to-value ratios than a year ago. Borrowers up for renewal next year will face lower interest rates than many saw this year though, as the Bank of Canada has lowered its key rate four times already to what is now 3.75 per cent, with more cuts expected ahead.

 

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