Based on inquires and request by the industry, CMHC (Canadian Mortgage and Housing Corporation) has agreed to make their mortgage portfolio more public than as it currently stands. CMHC has now released information on specific details on the mortgages it insures. They control about 60% of the market in terms of default insurance and talks about how many mortgages it has insured that are high risk loans (80% or less down payment). This new report they are launching has detailed information about how the mortgage insurance operates and include data that helps them analyze the housing market as whole. As well, the report will include information on geographical break down of the loans and its divide based on mortgage amount and amortization (how long the client has set to take them to pay off the mortgage entirely).
The reason why this information has started to become readily available is because economists were demanding more information on the housing market. Economists wanted more information on this as a lack of information known could potentially cause a housing bubble/crisis. We know that having information will not necessarily 100% prevent a collapse in the housing market, but at least we would not be in the dark in terms of what direction it is heading in. Having this information would be important in reading into not just the housing market, but the economy as a whole.
Contact Robert Clancy today to find out how to tackle your mortgage needs!