Amortization:

The gradual reduction of a debt by equal periodic payments, enough to pay current interest and to repay the principal at maturity.

Arrears Length:

The range of days (0-30, 30-60, 60-90 and 90+ days) during which a mortgage loan is in arrears, also called delinquency. A mortgage is in arrears for this period of time when a mortgage payment is late.

Arrears Rate:

The percentage of loans whose payments are late for a range of days (0-30, 30-60, 60-90 and 90+ days). Also called delinquency rate.

Chartered Bank (Lender Type):

Depository institutions that are regulated by the federal Bank Act and are supervised by the Office of the Superintendent of Financial Institutions. This includes federally regulated credit unions.

Credit Union (Lender Type):

Depository institutions that have a “cooperative” business model, meaning they are owned by their members and every member has an equal vote. Incorporation and regulation of credit unions is primarily at the provincial and territorial level in Canada. Federally regulated credit unions are included in the OSFI E2 data and Chartered Bank lender type.

Decrease Type:

A reason for a reduction in the quantity or value of mortgage loans during the reporting period. These include periodic payments, non-scheduled payments, end of contract repayments, portfolio decreases and other. Mortgage decreases data consists only of Survey of Non-Bank Mortgage Lenders data (~19% of the market).

End of Contract Repayments (Decrease Type):

Mortgage value decreases resulting from the end of the mortgage as scheduled in the original contract.

E2:

The Mortgage Loans Report (E2) is a report of mortgage stock and flow submitted by federally regulated banks to the Office of the Superintendent of Financial Institutions. E2 data is aggregated and combined with the Survey of Non-Bank Mortgage Lenders to create this dashboard.

Increase Type:

A reason for an increase in the quantity or value of mortgage loans during the reporting period. These include purchase of property, renewals and refinances, purchase of mortgages, portfolio increases and other.

Insurance Company (Lender Type):

A non-bank mortgage lender type that provides a wide range of products including individual and group life insurance, annuities and supplementary health insurance. Insurance companies are regulated provincially or federally.

Insured Mortgage:

A residential mortgage loan that is insured either under the National Housing Act or by other insurance companies or agencies.

Insured Status:

The state of the loan in terms of mortgage loan insurance (insured or uninsured).

Lender Type:

The category of mortgage lender for this dashboard, including two chartered bank types and three other lender categories.

Loan Term:

The length of time during which the current interest rate, terms and conditions apply to a mortgage.

Loan Value (Originated):

The total value of mortgage loans that have been initiated in the reporting period. This total may include other loan value increase types for non-bank lenders.

Loan Value (Outstanding):

The total value of mortgage loans that have a balance outstanding at the end of reporting period, also known as mortgage stock.

Loan to Value:

A ratio calculated with the original mortgage balance divided by the original value of the property. The LTV ratio determines the maximum amount of a guaranteed mortgage based on the market value of a given property.

MFC:

See Mortgage Finance Corporation.

MIE:

See Mortgage Investment Entity.

Mortgage Finance Corporation (Lender Type):

A non-bank mortgage lender type that only offers mortgage loan products (i.e. they are non-depository) and are usually only accessible via brokerages.

Mortgage Investment Entity (Lender Type):

A non-bank mortgage lender type that generally provides short term loans with higher interest rates to borrowers who don't qualify with traditional lenders. Mortgage investment entities include mortgage investment corporations and other private lenders.

Mortgage Value Changes:

The change in the number and value of mortgage loans during a given quarter. In general, increases occur when mortgages are originated or extended, while decreases occur when mortgages are repaid.

Non-Bank Lender:

A mortgage lender that is not a chartered bank. This includes credit unions, mortgage finance companies, mortgage investment entities, insurance companies and trusts.

Non-Scheduled Payments (Decrease Type):

Mortgage value decreases resulting from any increase in mortgage payments above the original payment contract amount. This includes partial or full lump-sum payments or accelerated mortgage repayments.

Originated Mortgages:

Mortgage loans that have been initiated (extended for the purchase of property, refinance, or renewal) in the reporting period, also known as mortgage flow.

OSFI E2:

See E2.

Other (Decrease Type):

Mortgage value decreases not resulting from periodic payments, non-scheduled payments, end of contract payments or portfolio decreases. This could include gross decreases due to divestiture.

Other (Increase Type):

Mortgage value increases not resulting from purchase of property, renewals, refinances, purchase of mortgages or portfolio increases. This could include gross increases due to mergers and acquisitions.

Outstanding Mortgages:

Mortgage loans that have a balance outstanding at the end of the reporting period, also known as mortgage stock.

Periodic Payments (Decrease Type):

Decreases due to scheduled payments planned in the mortgage agreement.

Portfolio Decreases (Decrease Type):

Mortgage value decreases resulting from gross changes in portfolio mortgage insurance.

Portfolio Increases (Increase Type):

Mortgage value increases resulting from gross changes in portfolio mortgage insurance.

Purchase of Mortgages (Increase Type):

Mortgage book value increases resulting from bulk purchase of mortgages.

Purchase of Property (Increase Type):

Mortgage value increases resulting from the purchase of residential property in Canada. This total includes all mortgage transactions by non-residents of Canada from chartered banks.

Remaining Amortization Period:

The number of months of payments left on the mortgage loan at the time of the reporting quarter.

Renewals and Refinances (Increase Type):

Mortgage value increases resulting from contractual agreements after the initial mortgage. Renewals maintain or shorten the amortization period without increasing the principal amount. Refinances lengthen the amortization period and/or increase the principal amount of the initial mortgage. This total includes all other increase types (besides the purchase of property) from non-bank lenders.

Survey of Non-Bank Mortgage Lenders:

A survey conducted jointly by Statistics Canada and CMHC to collect mortgage stock and flow data from non-bank lenders in Canada. This survey data is aggregated and combined with the E2 report to create this dashboard and to fill an important data gap in the industry.

Trust:

See trust company.

Trust Company (Lender Type):

A non-bank mortgage lender type that conducts activities similar to those of a bank and that is regulated either provincially or federally.

Uninsured (Mortgage):

A residential mortgage loan that is not insured.

Why are there blanks or gaps in the dashboard data?

The data is combined to a degree that protects confidentiality and prevents insights into individual lenders and mortgage holders. Every number contains:

• at least 4 lenders
• at least 25 loans (when a loan quantity is available in the data)
• the largest 2 lenders do not contribute to more than 70% of the number

If these aggregation levels are not met for any number in the report, you will find a blank space or a “0” in place of the data point. If a number cannot protect confidentiality, other numbers or subtotals will be blanked as well. In some cases, an entire graph or metric may be blank. Try changing your filter selections to see more data.

When does the quarterly data update? 

The OSFI-data arrives approximately 45 days after the end of each quarter.

The Survey of Non-Bank Mortgage Lenders data arrives several months later. Data displays in the dashboard when both sources of data are available to provide a near-complete view of the market.

We are working with data providers (Statistics Canada and non-bank lenders) to reduce the difference in delay between the 2 data sources.

What’s the difference between outstanding and originated data?

Outstanding data, or “stock data” shows a snapshot in time of mortgages in Canada. When you select a time period in the dashboard, outstanding data will display the total at the end of the last quarter selected.

For example, selecting either 2020-Q4 to 2021-Q1 or 2020-Q4 to 2021-Q1, both show a snapshot at the end of 2021-Q1 for outstanding data. A trend over time on an outstanding metric represents the trend of each end-of-quarter snapshot.

Originated data, or “flow data” shows the increases and decreases in mortgages during the selected time period. When you select a time period in the dashboard, any originated metrics show the total increases or decreases in mortgages during that time period. 

Where can I find data from before 2020?

The dashboard shows data for quarters that contain both data sources. Find additional data for chartered banks only (OSFI E2 data) from 2015 to 2019 in the downloadable data tables. Go to Housing Market Data directly under the dashboard above.

How do I use the drill down (↓) feature?

Some dashboard visuals allow you to drill down to more detailed data:

• Hover over the title of any visual (graph) and then the down arrow to enable drill down.
• Select the double arrows to see the next level in the hierarchy. This option shows an aggregate of that level.
• Select the split double arrows to see the next level in the hierarchy without aggregating the level.

The 2 data sources below are combined to create a near-complete view of the residential mortgage market in Canada. These data sources:

• are aggregated to prevent insights into any individual institution or mortgage borrower
• capture mortgages originated and/or extended for properties located in Canada only
• cover non-institutional facilities for the long-term lodging of individuals (residential data)

Two sections of the dashboard show only 1 data source. Mortgage Decreases on the Mortgage Value Changes page shows chartered bank (E2) data only and the Arrears page shows non-bank lender (Survey) data only.

Note: There is a small number of mortgage lenders who submit some data in both ways and this data duplication is removed at the source.

The data in this report is subject to change with corrections or additions.

CMHC cannot guarantee and assumes no legal liability or responsibility for the accuracy, currency, completeness, or interpretation of any data. Please refer to the terms of use for more information.