The nation’s non-bank lenders continue to post robust results in terms of outstanding mortgages and the number of mortgages extended, according to Statistics Canada.
The value of outstanding mortgages spiked from nearly $338.88 billion in Q1 2021 to approximately $356.17 billion in the first quarter of this year. However, the total number of outstanding residential mortgages during the same period ticked down from 1,717,693 to 1,711,923 in Q1 2022.
The value of mortgages extended by non-bank lenders fell from $57.237 billion during the first quarter of last year to $50.704 billion in Q1 2022. This is despite the number of mortgages growing from 191,831 to 196,864 over the same period.