Mortgage insurance volumes edge up in Q2, but well down year-to-date: CMHC

OTTAWA – CMHC says the volume of Canadian homes it insured edged up two per cent in the second quarter over the same period last year.

However, Canada Mortgage and Housing Corp. says for the year-to-date, the volume is down 26 per cent over last year, due in part to stricter mortgage rules brought in last July.

The federal mortgage underwriter notes that its total portfolio of mortgages under insurance edged down by $4 billion to $562 billion at the end of the second quarter.

By law, CMHC is not permitted to hold more than $600 billion in outstanding insured amounts.

The agency says it did take $117 million in losses on claims during the second quarter, but that was 30 per cent lower than the corresponding period and 22 per cent lower on a year-to-year basis.

For the year to date, the agency says it has invested $459 million on behalf of the government in social housing.