Today I was fortunate enough to sit down with a small group of mortgage brokers with CMHC sharing some great information. Keeping in mind these are CMHC stats and there are two other providers of mortgage insurance. However, CMHC has more than half the market share.
Here’s some of the stats that came out:
-Average outstanding mortgage balance in Canada: $179,608
-Average credit score is 728
-Average loan to value is 55%
-76% of CMHC portfolio has a loan to value of less than 80%
-Arrears rate of only .33% (90 days or more in arrears)
-Average arrears over last ten years in .37%
-Highest arrears rate in last 10 years was in 2009 at .50%
-The cap of $600 billion that has been in the news is actually starting to trend downwards. This is largely due to the fact that $60-65 Billion is actually going back in the form of mortgage payouts.
-49% share of CMHC is in multi unit and homeowner business that is in lesser served areas (rural, which the other 2 insurers may not go to)