Insured mortgage market has decreased says CMHC

Insured mortgage market has decreased says CMHC

Insured mortgage market has decreased says CMHC

The market for insured mortgages has decreased due to new regulations introduced at the end of 2016.

In its second-quarter financial report, CMHC says that it provided mortgage loan insurance for nearly 79,000 units nationwide during the second quarter and for more than 125,000 for the year-to-date (to June 30, 2017).

The typical CMHC insured home buyer had an average mortgage debt of $255,014 and an average credit score of 752.

CMHC’s total insurance in force was $496 billion and the overall arrears rate of 0.29% reflects a continued improvement in the quality of its mortgage loan insurance portfolio.

The corporation generated $397 million of net income after taxes in the second quarter and will pay a dividend of $240 million to the federal government.