The market for insured mortgages has decreased due to new regulations introduced at the end of 2016.
In its second-quarter financial report, CMHC says that it provided mortgage loan insurance for nearly 79,000 units nationwide during the second quarter and for more than 125,000 for the year-to-date (to June 30, 2017).
The typical CMHC insured home buyer had an average mortgage debt of $255,014 and an average credit score of 752.
CMHC’s total insurance in force was $496 billion and the overall arrears rate of 0.29% reflects a continued improvement in the quality of its mortgage loan insurance portfolio.
The corporation generated $397 million of net income after taxes in the second quarter and will pay a dividend of $240 million to the federal government.
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