This is just one finding in the Canada Mortgage and Housing Corp.’s fall residential mortgage industry report.
- Mortgage growth has slowed as interest rates have risen.
- Mortgage consumers have increasingly turned back to fixed rate mortgages since June, as the discount on variable rate mortgages has vanished.
- The share of mortgages in arrears, or delinquent for 90 days or more, have continued to trend downward across all types of lenders. However, consumers without a mortgage registered notable delinquency rate increases in auto loans and credit cards.
- Mortgage lending growth by alternative lenders outpaced conventional lenders in the second quarter of 2022. Mortgage borrowers in the alternative lending space are more likely to renew their loans since it is now harder to qualify with traditional lenders.