The Canadian Mortgage and Housing Corporation (CMHC) released its third quarter financial report as well as complementary Mortgage Loan Insurance, Securitization and Covered Bonds Supplements.
In the release, CMHC reports it provided mortgage loan insurance for more than 80,000 units across Canada; that the average credit score for transactional homeowner loans was 747 and that the average gross debt service (GDS) was 25.7 per cent. It also reported an overall arrears rate of 0.35 per cent as of September 30 and Claims Paid at $76 million, which is a decrease from the year before.
In the release, CMHC reports its legislated limit of $600 billion-in-force and that during the third quarter, the insurance-in-force decreased to $525 billion, when compared to this time last year. CMHC says it expects a gradual decline as mortgage repayments offset new insurance written.
For more information, read the full release.
