The Canadian Association of Accredited Mortgage Professionals recently released their spring consumer mortgage update. Here is the introduction to the report followed by a link to it in its entirety.
Until now, housing has played a major role in the recovery from the recession of 2008/09: housing construction, resale market activity, and mortgage lending have contributed directly to job creation. Even more importantly, rising housing values have supported consumer confidence and consumer spending, and thereby led to job creation.
The health of the residential mortgage market depends on trends in the housing market, as well as the broader Canadian economy.
Concerns about growing levels of residential mortgage debt in Canada have led the federal government to make changes that have reduced federally-backed lending in Canada. The Canadian Association of Accredited Mortgage Professionals (“CAAMP”) has argued previously (most notably in the Fall 2012 “Annual State of the Residential Mortgage Market in Canada”) that most of the changes to mortgage insurance criteria have had relatively minor impacts, but that the change that took effect in July 2012 has had a more significant impact on housing activity.
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