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The Canadian housing industry is always changing – and so are Canadian mortgage industry statistics.

Year-over-year and quarter-over-quarter comparisons offer interesting insights into Canadian mortgage trends, which is why we have compiled some of the latest data to show how the mortgage market changed in 2018.

Here are what the statistics have to say:

Mortgage Rate Trends

In January of 2019, Mortgage Professionals Canada released its State of the Mortgage Market report. While the report included an assessment of the mortgage stress test, it also featured other statistics on what else is happening across the industry.

According to the report, in 2018:

  • 03 million homeowners had a mortgage, out of a total 9.8 million homeowners in Canada.
  • 6 million Canadians had Home Equity Line of Credit (HELOC).
  • 68% of mortgages in Canada had fixed interest rates.
  • 27% of mortgages had variable or adjustable rates.
  • 89% of mortgages had an amortization period of 25 years or less.
  • The average amortization period was 22.2 years.
  • The average mortgage interest rate in Canada was 3.09%, up from 2.96% in 2017.
  • 68% of those who renewed in 2018 saw their interest rates rise.

Home Equity Trends

In 2018:

  • Canadian homeowners had an average of 74% home equity.
  • 10% of homeowners took out equity in 2018 (up from 9% in 2017).
  • The average homeowner took out $74,000 in equity (up from $54,500 in 2017)

Most common uses for equity included:

  • Investments ($23.8 billion)
  • Home renovation and repair ($17 billion)
  • Debt consolidation and repayment ($16.4 billion)
  • Purchases ($8.6 billion)
  • Other ($6.2 billion)

Home Buying Trends

  • There was an 11% drop in resale activity from 2017 to 2018.
  • The average down payment made by first-time buyers was 20%.

The top sources for down payment were:

  • Personal savings (52%)
  • Funds from parents or family members (20%)
  • Loan from a financial institution (19%)
  • Withdrawal from RRSP (9%)

Mortgage Arrears

As of November 30, 2018, the Canadian Banker Association reported that out of 4,759,706 mortgages in Canada, 0.24% were in arrears – 11,246 or, about one-in-423 mortgages.

Saskatchewan had the highest arrears rate with 0.82% (1,064 or 130,328 mortgages).

Ontario had the highest amount of mortgages (2,008,299) but the lowest arrears rate (0.09%) with 1,836 in arrears.

Mortgage Broker-Lender Share

In 2018, Canada’s Big 5 banks lost 2.7% of market share in Ontario in 2018, according to the 2019 Q1 Teranet Market Insights Report.

Teranet also found that mortgage refinances were down to 48.7% in 2018 from 54.6% in 2017, but switches were on the rise, going from 45.4% in 2017 to 53.1% in 2018.

In the switch-outs themselves, more mortgagors were moving away from the Big Banks and towards alternatives, such as credit unions, private mortgage lenders, and trust companies.

According to Canadian Mortgage Trends, in Q4 of 2018, Scotiabank led with 28% of market share. First National followed with 13% of market share, and then MCAP/RMG with 10.8%, TD Canada Trust with 9.6% and Merix Financial with 6.3%.

As we hit the halfway point of 2019, soon we will be looking at the year-over-year trends from 2018 to 2019. What do you think that will look like? Let us know on social media. Share with us on Twitter, Facebook, or LinkedIn.

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