This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...).

In 2023, mortgage interest rates in Canada increased for all types of mortgages. The interest rate for fixed mortgage interest rates for five years and more doubled, from 2.38 percent to 5.52 percent between December 2021 and December 2023. The higher borrowing costs led to the housing market contracting in 2022 and corrections of the property prices across the country.

Mortgage interest rates worldwide varied greatly in 2024, from less than four percent in many European countries, to as high as 44 percent in Turkey. The average mortgage rate in a country depends on the central bank's base lending rate and macroeconomic indicators such as inflation and forecast economic growth. Since 2022, inflationary pressures have led to rapid increase in mortgage interest rates. Which are the leading mortgage markets? An easy way to estimate the importance of the mortgage sector in each country is by comparing household debt depth, or the ratio of the debt held by households compared to the county's GDP. In 2023, Switzerland, Australia, and Canada had some of the highest household debt to GDP ratios worldwide. While this indicator shows the size of the sector relative to the country’s economy, the value of mortgages outstanding allows to compare the market size in different countries. In Europe, for instance, the United Kingdom, Germany, and France were the largest mortgage markets by outstanding mortgage lending. Mortgage lending trends in the U.S. In the United States, new mortgage lending soared in 2021. This was largely due to the growth of new refinance loans that allow homeowners to renegotiate their mortgage terms and replace their existing loan with a more favorable one. Following the rise in interest rates, the mortgage market cooled, and refinance loans declined.

This table contains 51 series, with data starting from 2013, and some select series starting from 2016. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada), Components (51 items: Total, funds advanced, residential mortgages, insured; Variable rate, insured; Fixed rate, insured, less than 1 year; Fixed rate, insured, from 1 to less than 3 years; ...), and Unit of measure (1 item: Dollars). For additional clarification on the component dimension, please visit the OSFI website for the Report on New and Existing Lending.

The average mortgage payment across all Canadian metros declined in 2023. In the third quarter of the year, Vancouver and Toronto topped the ranking of highest mortgage payment costs. Homebuyers in Vancouver had to pay, on average, 2,410 Canadian dollars monthly, while in Toronto, the average monthly scheduled mortgage payment was 2,318 Canadian dollars. Canada’s housing market House prices in Canada vary widely across the country. In 2023, the average sales price of detached single-family homes in Vancouver was nearly three times as expensive as the national average. Vancouver is undoubtedly considered the least affordable housing market: In 2021, the cost of buying a home with a 25-year mortgage in Canada was approximately 45 percent of the median household income, whereas in Vancouver, it was nearly 64 percent. Development of house prices The development of house prices depends on multiple factors, such as availability on the market and demand. Since 2005, house prices in Canada have been continuously growing. According to the MSL composite house price index, 2021 measured the highest house price increase.

This table contains 80 series, with data starting from 1982 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada); Mortgages (4 items: Total, mortgage loans outstanding; Mortgages in Canada outstanding; Mortgage loans outside Canada outstanding; Allowance for credit losses); Increases and decreases (15 items: Total, increases and decreases; Gross increase; Cash disbursement of principal; Purchases of mortgages from; ...); Type of mortgage (7 items: Total, mortgages; Total, residential mortgages; Residential mortgages, insured; Residential mortgages, uninsured; ...).

This dataset provides values for 30 YEAR MORTGAGE RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

In 2023, the delinquency rates of all types of mortgage lenders in Canada increased. As of the fourth quarter of the year, approximately 1.05 percent of loans in the loan portfolios of mortgage investment entities (MIEs) were classified as delinquent, which was a decrease from the 0.78 percent delinquency rate a year ago. A loan is reported by lenders as being delinquent after 270 days of late payments.

In 2023, mortgage lending in Canada amounted to roughly 407 billion Canadian dollars. The purchase of property and same lender renewals comprised the highest share of lending, amounting to 153 billion Canadian dollars. Uninsured lending was more popular than insured lending.

This dataset provides values for MORTGAGE RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

As of the first quarter of 2023, the average LTV ratio in Canada was 58.6 percent. The loan-to-value (LTV) ratio is a key metric that measures the size of the mortgage loan compared to the value of the asset purchased. Generally, higher loan-to-value ratios are associated with higher risk.

More than three million mortgage loans are projected to be affected by the increasing mortgage interest rates in Canada by 2025. About one million of these mortgages are projected to be up for renewal in 2024. These loans were taken out at a time when interest rates were much lower, meaning that homeowners will be affected by a notable increase in their monthly payments.

This table contains data described by the following dimensions (Not all combinations are available): Geography (47 items: Canada; Atlantic provinces; Prince Edward Island; Newfoundland and Labrador ...), Type of unit (6 items: Total units; Single-detached units; Multiples; Semi-detached units ...).

This table contains data described by the following dimensions (Not all combinations are available): Geography (13 items: Canada; Atlantic provinces; Newfoundland and Labrador; Prince Edward Island ...).

In 2023, banks held over 80 percent of the mortgages outstanding in Canada. Mortgage Investment Entities (MIEs) and private lenders only had a market share of 1.62 percent. The average mortgage rate in Canada has increased notably since 2021. This has led to the housing market slowing and the value of mortgages outstanding to plateau.

This table contains data described by the following dimensions (Not all combinations are available): Geography (39 items: All census agglomerations 50,000 and over; Barrie; Ontario; Belleville; Ontario; Abbotsford-Mission; British Columbia ...).

The Canada Home Equity Lending Market Report is Segmented by Type (Fixed Rate Loans and Home Equity Lines of Credit), Service Providers (Commercial Banks, Financial Institutions, Credit Unions, and Other Creditors), and Mode (Online and Offline). The Report Offers Market Sizes and Forecasts in Terms of Value (USD) for all the Above Segments.

The benchmark interest rate in Canada was last recorded at 2.75 percent. This dataset provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The share of mortgage holders in Canada fluctuated slightly between 2015 and 2023. In the third quarter of 2023, approximately 29 percent of consumers in Canada had a housing loan. People were most likely to take out a mortgage between the age of 35 and 54.

The average loan size of new mortgages in Canada increased in 2024, after a year of steady decline in 2023. In the third quarter of 2024, the average size of a mortgage amounted to 349,364 Canadian dollars, up from 332,825 in the second quarter of 2024. Mortgages varied in size in different metropolitan areas, with Toronto and Vancouver seeing the highest value of new mortgages.