Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2022End of 2021End of 2020SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)  Common
    Country Editor
    		A.1.1
    Are there specific laws that deal with mortgages?   Yes
    Country Editor
    		A.1.2
    Registration/Transfer of titles:A.1.3
    Does the law clearly define different types of property rights?  Yes
    Country Editor
    		A.1.3.1
     Are property rights easily transferable?  Yes
    Country Editor
    		A.1.3.2
    Typical number of days needed for the transfer of title  16.5
    Country Editor
    		A.1.3.4
    Can liens be effectively enforced?  Yes
    Country Editor
    		A.1.4
    Main causes of inefficiencies (legal, judiciary, administrative, cultural, etc.)  Bankruptcy/consumer proposal, insufficient assets/income,  administrative delay.
    Country Editor
    		A.1.4.3
    Are there legal constraints on the types of mortgage products that are permitted?  No
    Country Editor
    		A.1.5
    Are there legal constraints on mortgage features?  No
    Country Editor
    		A.1.6
    Interest rate caps  No
    Country Editor
    		A.1.6.1
    Loan-to-Value cap  Yes
    Country Editor
    		A.1.6.2
    Payment-to-Income maximum  Yes
    Canada Department of Finance
    		A.1.6.3
    Other  Yes
    Country Editor
    		A.1.6.4
    Are there consumer rights for mortgage lending?   Yes
    Financial Consumer Agency of Canada
    		A.1.7
    Are there disclosure requirements for mortgage lending?  Yes
    Financial Consumer Agency of Canada
    		A.1.8
    Is there specialized legislation covering:A.1.9
    Issuance of covered mortgage bonds  Yes
    Country Editor
    		A.1.9.1
    Issuance of RMBS  No
    Country Editor
    		A.1.9.2
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    VariableEnd of 2022End of 2021End of 2020SourcesVar ID
    Are there subsidized funding sources for mortgage lenders?  Yes
    Country Editor
    		B.1.1
    Special government lines of credit   No
    Country Editor
    		B.1.1.1
    Government supported liquidity facility  No
    Country Editor
    		B.1.1.2
    Labor or other tax funds for mortgage lending  No
    Country Editor
    		B.1.1.3
    Tax breaks on mortgage bonds or RMBS  Yes
    Country Editor
    		B.1.1.4
    Loss and/or cash flow guarantees for RMBS  No
    Country Editor
    		B.1.1.5
    Other  No
    Country Editor
    		B.1.1.6
    Is the lending side of the housing finance system subsidized?  No
    Country Editor
    		B.1.2
    Shared credit risk through public/private mortgage insurance   Yes
    Country Editor
    		B.1.2.1
    Guarantees for mortgage loans  No
    Country Editor
    		B.1.2.2
    Other  No
    Country Editor
    		B.1.2.3
    B.2 Subsidies to Households
    VariableEnd of 2022End of 2021End of 2020SourcesVar ID
    Are there subsidies to households on housing finance?  Yes
    Country Editor
    		B.2.1
    Interest rate subsidies by special government funds  No
    CMHC
    		B.2.1.1
    Buy-down of monthly/interest payments  No
    Country Editor
    		B.2.1.2
    Down-payment subsidies   Yes
    Country Editor
    		B.2.1.3
    Subsidies to savings for mortgage loans  No
    Country Editor
    		B.2.1.4
    Mortgage interest deductibility from income tax  No
    Research
    		B.2.1.5
    Other  Yes
    Research
    		B.2.1.6
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    What is the highest income decile targeted?  Not available
    Country Editor
    		B.2.2.1
    What is the lowest income decile targeted?   Not available
    Country Editor
    		B.2.2.2
    What proportion of loans is affected by the subsidies in 2.1.1 to 2.1.4?  Not available
    Country Editor
    		B.2.2.3
    What proportion of loans on main residences is affected by the mortgage interest deductability in 2.1.5?  Non-applicable
    Country Editor
    		B.2.3
    C. Taxation
    VariableEnd of 2022End of 2021End of 2020SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners)   Yes
    Country Editor
    		C.1.1
    Property transaction taxes (purchase/selling)  Yes
    Country Editor
    		C.1.2
    Mortgage transaction taxes  Yes
    Country Editor
    		C.1.3
    Tax on mortgage interest pmts  No
    Country Editor
    		C.1.4
    Tax on capital gains on property   No
    Country Editor
    		C.1.5
    Other  No
    Country Editor
    		C.1.6
    Are there tax benefits on rental properties?  Mortgage interest and expenses deductions
    Canada Revenue Agency
    		C.2
    Describe tax benefits (if any) from C.1.2  Deductibility of expenses like any other type of business activity.
    Country Editor
    		C.2.1
    back to top | Country Data:
    Notes: Almost all lenders use credit scoring.
    Notes: Almost all lenders use credit scoring.
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: "Benchmark property descriptions are based on median values for quantitative property attributes, and the most commonly occurring value for qualitative attributes. Benchmark Prices are available for each housing category tracked by the MLS® HPI in each market. Composite and Aggregate Benchmark Prices are also available, representing an aggregation of Benchmark categories and Metropolitan markets tracked by the Index. This enables Benchmark Prices and their price changes to be compared across areas, and to the overall market." Value reflects homes traded. NOTE: Based on CHMC Observer 2012, the mean average residential price is $366783.84 for all of Canada.
    Notes: "Benchmark property descriptions are based on median values for quantitative property attributes, and the most commonly occurring value for qualitative attributes. Benchmark Prices are available for each housing category tracked by the MLS® HPI in each market. Composite and Aggregate Benchmark Prices are also available, representing an aggregation of Benchmark categories and Metropolitan markets tracked by the Index. This enables Benchmark Prices and their price changes to be compared across areas, and to the overall market." Value reflects homes traded. NOTE: Based on CHMC Observer 2012, the mean average residential price is $205705.18 for all of Canada.
    Notes: "Benchmark property descriptions are based on median values for quantitative property attributes, and the most commonly occurring value for qualitative attributes. Benchmark Prices are available for each housing category tracked by the MLS® HPI in each market. Composite and Aggregate Benchmark Prices are also available, representing an aggregation of Benchmark categories and Metropolitan markets tracked by the Index. This enables Benchmark Prices and their price changes to be compared across areas, and to the overall market." Value reflects homes traded. NOTE: Based on CHMC Observer 2012, the mean average residential price is $244408.46 for all of Canada.
    Notes: "Benchmark property descriptions are based on median values for quantitative property attributes, and the most commonly occurring value for qualitative attributes. Benchmark Prices are available for each housing category tracked by the MLS® HPI in each market. Composite and Aggregate Benchmark Prices are also available, representing an aggregation of Benchmark categories and Metropolitan markets tracked by the Index. This enables Benchmark Prices and their price changes to be compared across areas, and to the overall market." Value reflects homes traded. NOTE: Based on CHMC Observer 2012, the mean average residential price is $280331.42 for all of Canada.
    Notes: "Benchmark property descriptions are based on median values for quantitative property attributes, and the most commonly occurring value for qualitative attributes. Benchmark Prices are available for each housing category tracked by the MLS® HPI in each market. Composite and Aggregate Benchmark Prices are also available, representing an aggregation of Benchmark categories and Metropolitan markets tracked by the Index. This enables Benchmark Prices and their price changes to be compared across areas, and to the overall market." Value reflects homes traded. NOTE: Based on CHMC Observer 2012, the mean average residential price is $285928.91 for all of Canada.
    Notes: "Benchmark property descriptions are based on median values for quantitative property attributes, and the most commonly occurring value for qualitative attributes. Benchmark Prices are available for each housing category tracked by the MLS® HPI in each market. Composite and Aggregate Benchmark Prices are also available, representing an aggregation of Benchmark categories and Metropolitan markets tracked by the Index. This enables Benchmark Prices and their price changes to be compared across areas, and to the overall market." Value reflects homes traded. NOTE: Based on CHMC Observer 2012, the mean average residential price is $329268.35 for all of Canada.
    Notes: "Benchmark property descriptions are based on median values for quantitative property attributes, and the most commonly occurring value for qualitative attributes. Benchmark Prices are available for each housing category tracked by the MLS® HPI in each market. Composite and Aggregate Benchmark Prices are also available, representing an aggregation of Benchmark categories and Metropolitan markets tracked by the Index. This enables Benchmark Prices and their price changes to be compared across areas, and to the overall market." Value reflects homes traded. NOTE: Based on CHMC Observer 2012, the mean average residential price is $344785.58 for all of Canada.
    Notes: (500 CAD) Legal Fees and Disbursements: Must be paid upon closing and cost a minimum of $500 (plus GST/HST).Your lawyer/notary will also bill you direct costs to check on the legal status of your property. IMF average annual market exchange rate for 2010 used (C$1.03 = 1 USD).
    Notes: 15%, Percent of total mortgage market financed by the Canada Housing Trust (CHT Assets/Total Mortgage Market (balance owing on all mortgages)
    Notes: 18%, Percent of total mortgage market financed by the Canada Housing Trust (CHT Assets/Total Mortgage Market (balance owing on all mortgages)
    Notes: 18%, Percent of total mortgage market financed by the Canada Housing Trust (CHT Assets/Total Mortgage Market (balance owing on all mortgages) plus covered bonds
    Notes: 193 to 270
    Notes: 21%, Percent of total mortgage market financed by the Canada Housing Trust (CHT Assets/Total Mortgage Market (balance owing on all mortgages) plus covered bonds
    Notes: 22%
    Notes: 233,614 CAD. Used IMF Exchange Rate Average for 2010. This is based on total mortgages approved, and may be different from actual originations.
    Notes: 250 CAD. Appraisal fees may vary but typically ones should not pay more than C$250 – C$350 in most areas for a typical single-family house. IMF average annual market exchange rate for 2010 used (C$1.03 = 1 USD)
    Notes: 30%
    Notes: 33%
    Notes: 33%
    Notes: 50% of capital gains are taxed at marginal rate. One property can be exempt from this tax every year if claimed as principal residence.
    Notes: 50% of capital gains are taxed at marginal rate. One property can be exempt from this tax every year if claimed as principal residence.
    Notes: 58%
    Notes: 60%
    Notes: 7%, Pension funds, Trusts
    Notes: 7%, Pension funds, Trusts
    Notes: Ability to borrow from tax-deferred registered retirement savings plan
    Notes: Ability to borrow from tax-deferred registered retirement savings plan
    Notes: Ability to borrow from tax-deferred registered retirement savings plan
    Notes: Ability to borrow from tax-deferred registered retirement savings plan
    Notes: Ability to borrow from tax-deferred registered retirement savings plan
    Notes: According to the 2011 CAAMP "Annual State of the Mortgage Market", 32% of homeowners had some mortgage activitiy - 9% for purchase financing, 23% for refinancing (or 23/32 - 72% of new mortgages) . Early refinancing accounted for 15% and 8% refinanced on schedule
    Notes: All loans in excess of 80% by federally regulated financial institutions must be insured by CMHC or by private insures. The government of Canada provides a guarantee on these insured loans as long as they don´t exceed 95% LTV and comply with other requirements such as minimum credit rating score.
    Notes: All loans in excess of 80% by federally regulated financial institutions must be insured by CMHC or by private insures. The government of Canada provides a guarantee on these insured loans as long as they don´t exceed 95% LTV and comply with other requirements such as minimum credit rating score.
    Notes: All loans in excess of 80% by federally regulated financial institutions must be insured by CMHC or by private insures. The government of Canada provides a guarantee on these insured loans as long as they don´t exceed 95% LTV and comply with other requirements such as minimum credit rating score.
    Notes: All loans in excess of 80% by federally regulated financial institutions must be insured by CMHC or by private insures. The government of Canada provides a guarantee on these insured loans as long as they don´t exceed 95% LTV and comply with other requirements such as minimum credit rating score.
    Notes: All loans in excess of 80% by federally regulated financial institutions must be insured by CMHC or by private insures. The government of Canada provides a guarantee on these insured loans as long as they don´t exceed 95% LTV and comply with other requirements such as minimum credit rating score.
    Notes: All loans in excess of 80% by federally regulated financial institutions must be insured by CMHC or by private insures. The government of Canada provides a guarantee on these insured loans as long as they don´t exceed 95% LTV and comply with other requirements such as minimum credit rating score.
    Notes: All loans in excess of 80% by federally regulated financial institutions must be insured by CMHC or by private insures. The government of Canada provides a guarantee on these insured loans as long as they don´t exceed 95% LTV and comply with other requirements such as minimum credit rating score.
    Notes: Almost 100%. Loans may have been transferred between lenders
    Notes: Almost 100%-There may have been some whole loans sales transfers
    Notes: Almost 100%-There may have been some whole loans sales transfers
    Notes: Almost 100%-There may have been some whole loans sales transfers
    Notes: Almost 100%-There may have been some whole loans sales transfers.
    Notes: Almost 100%-There may have been some whole loans sales transfers.
    Notes: Almost 100%-There may have been some whole loans sales transfers.
    Notes: Almost all lenders use credit scoring, except for MICs, private lenders and other alternative lenders.
    Notes: Almost all lenders use credit scoring.
    Notes: Almost all lenders use credit scoring.
    Notes: Although not mandatory, most originators use standards that follow CMHC (Canada Mortgage and Housing Corporation) practices. In addition, CMHC complies with the guidelines of the Department of Finance
    Notes: Although not mandatory, most originators use standards that follow CMHC (Canada Mortgage and Housing Corporation) practices. In addition, CMHC complies with the guidelines of the Department of Finance
    Notes: Although not mandatory, most originators use standards that follow or are similar to CMHC (Canada Mortgage and Housing Corporation) practices.
    Notes: Although not mandatory, most originators use standards that follow or are similar to CMHC (Canada Mortgage and Housing Corporation) practices.
    Notes: Although not mandatory, most originators use standards that follow or are similar to CMHC (Canada Mortgage and Housing Corporation) practices.
    Notes: Appraisal fees may vary but typically one should not pay more than C$250 – C$350 in most areas for a typical single-family house. IMF average annual market exchange rate for 2007 and 2008 used (C$1.07 = 1 USD). IMF average annual market exchange rate for 2009 used (C$1.14 = 1 USD)
    Notes: Appraisal fees may vary but typically one should not pay more than C$250 – C$350 in most areas for a typical single-family house. IMF average annual market exchange rate for 2007 and 2008 used (C$1.07 = 1 USD). IMF average annual market exchange rate for 2009 used (C$1.14 = 1 USD)
    Notes: Appraisal fees may vary but typically one should not pay more than C$250 – C$350 in most areas for a typical single-family house. IMF average annual market exchange rate for 2007 and 2008 used (C$1.07 = 1 USD). IMF average annual market exchange rate for 2009 used (C$1.14 = 1 USD)
    Notes: At month end, unadjusted
    Notes: Average interest rate for all variable/adjustable mortgages, not just 10-year
    Notes: Average interest rate for all variable/adjustable mortgages, not just 10-year
    Notes: Average interest rate for all variable/adjustable mortgages, not just 10-year
    Notes: Average of whole year
    Notes: Bank of Canada reports total residential mortgage credit outstanding as of December 2009 at $962 billion (Reference: Bank of Canada, Banking and Financial Statistics – September 2010; http://www.bank-banque-canada.ca/pdf/bfs.pdf) ·CMHC reported insurance in-force for 2009 of $472.3 billion. ·Canada is also served by two private mortgage insurers. Insurance in-force for Genworth, the larger private mortgage insurer, was reported at $224 billion in their 2009 financial statements. ·It should be noted that CMHC’s insurance in-force represents the outstanding balance of the insured mortgages, whereas Genworth reports the total of the original balance of the mortgages it has insured (i.e. no adjustment for amortization).
    Notes: Based on consultation with HFP
    Notes: Based on consultation with HFP
    Notes: Between 17% to 24%
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is a Common law country. Provincial laws are also common law in all provinces with the exception of Quebec which is a Civil law jurisdiction.
    Notes: Canada is also served by two private mortgage insurers. Genworth is the larger private mortgage insurer. It should be noted that CMHC’s insurance in-force represents the outstanding balance of the insured mortgages, whereas Genworth reports the total of the original balance of the mortgages it has insured (i.e. no adjustment for amortization).
    Notes: Canada is also served by two private mortgage insurers. Genworth is the larger private mortgage insurer. It should be noted that CMHC’s insurance in-force represents the outstanding balance of the insured mortgages, whereas Genworth reports the total of the original balance of the mortgages it has insured (i.e. no adjustment for amortization).
    Notes: Census 2016 Population 50000+
    Notes: Chartered Bank Conventional 5-yr rate (monthly average)
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: Chartered Banks, as % of outstanding mortgages
    Notes: CMHC
    Notes: CMHC annual report $488B in guarantees-in-force/total mortgage outstanding $1552B
    Notes: CMHC, Genworth Financial Canada and Canada Guaranty
    Notes: CMHC, Genworth Financial Canada and Canada Guaranty
    Notes: CMHC, Genworth Financial Canada and Canada Guaranty
    Notes: CMHC, Genworth Financial Canada and Canada Guaranty
    Notes: CMHC, Genworth Financial Canada and Canada Guaranty 
    Notes: Credit bureau needs to verify your identification
    Notes: Credit bureau needs to verify your identification
    Notes: Credit bureau needs to verify your identification
    Notes: Credit bureau needs to verify your identification
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages 
    Notes: Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages 
    Notes: Data from the credit rating agency Equifax Canada covers approximately 80 to 85% of the mortgage market value in $
    Notes: Data taken from Census 2006
    Notes: Effective November 30th, all low-ratio (less than 80% LTV) mortgages will only be issued after a credit score check is completed (minimum 600).
    Notes: Following the adoption of IFRS beginning in 2011 in Canada, a significant amount of residential mortgage loans securitized under the NHA mortgage-backed securities (NHA MBS) program or by private special purpose corporations is no longer eligible for off-balance sheet treatment, and thus must be consolidated on the balance sheets of the respective lenders or issuers. This represents a key factor behind the variations from 2010 to 2011 in amounts of mortgages outstanding reported as NHA MBS and special purpose corporations versus those reported as holdings by the banks and other financial institutions. National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: For insured loans that are guaranteed by the Government of Canada.
    Notes: For insured loans that are guaranteed by the Government of Canada.
    Notes: For insured loans that are guaranteed by the Government of Canada.
    Notes: Gross debt service ratio capped by the department of finance is 39%. The GDS ratio includes mortgage payments along with taxes and heating costs. Effective October 17, 2016 banks must use the greater of borrowers' contract mortgage rate or the Bank of Canada's conventional five-year fixed posted rate. This closes a loophole in mortgage qualification which was the result of interest rates on 5-year mortgages to be lower than what was typically posted by the central bank.
    Notes: Gross debt service ratio capped by the department of finance is 39%. The GDS ratio includes mortgage payments along with taxes and heating costs. Effective October 17, 2016 banks must use the greater of borrowers' contract mortgage rate or the Bank of Canada's conventional five-year fixed posted rate. This closes a loophole in mortgage qualification which was the result of interest rates on 5-year mortgages to be lower than what was typically posted by the central bank.  
    Notes: Gross debt service ratio capped by the department of finance is 39%. The GDS ratio includes mortgage payments along with taxes and heating costs. Effective October 17, 2016 banks must use the greater of borrowers' contract mortgage rate or the Bank of Canada's conventional five-year fixed posted rate. This closes a loophole in mortgage qualification which was the result of interest rates on 5-year mortgages to be lower than what was typically posted by the central bank.  
    Notes: Gross debt service ratio capped by the department of finance is 39%. The GDS ratio includes mortgage payments along with taxes and heating costs. Effective October 17, 2016 banks must use the greater of borrowers' contract mortgage rate or the Bank of Canada's conventional five-year fixed posted rate. This closes a loophole in mortgage qualification which was the result of interest rates on 5-year mortgages to be lower than what was typically posted by the central bank.
    Notes: GTA and GVA foreign tax
    Notes: GTA and GVA foreign tax
    Notes: GTA and GVA foreign tax
    Notes: Home Renovation programs and ability to borrow from tax-deferred registered retirement savings plan
    Notes: Home Renovation programs and ability to borrow from tax-deferred registered retirement savings plan
    Notes: Home Renovation programs and ability to borrow from tax-deferred registered retirement savings plan
    Notes: Home Renovation programs and ability to borrow from tax-deferred registered retirement savings plan 
    Notes: Home Renovation programs and ability to borrow from tax-deferred registered retirement savings plan 
    Notes: However, mortgage interest is tax deductible for rental properties
    Notes: However, mortgage interest is tax deductible for rental properties
    Notes: However, mortgage interest is tax deductible for rental properties
    Notes: However, mortgage interest is tax deductible for rental properties 
    Notes: However, mortgage interest is tax deductible for rental properties  
    Notes: However, there are federal programs designed to help save money for a down payment such as a tax-free savings account (TFSA) and Home Buyers' Plan
    Notes: However, there are federal programs designed to help save money for a down payment such as a tax-free savings account (TFSA) and Home Buyers' Plan
    Notes: However, there are federal programs designed to help save money for a down payment such as a tax-free savings account (TFSA) and Home Buyers' Plan
    Notes: However, there are federal programs designed to help save money for a down payment such as a tax-free savings account (TFSA) and Home Buyers' Plan 
    Notes: However, there are federal programs designed to help save money for a down payment such as a tax-free savings account (TFSA) and Home Buyers' Plan 
    Notes: IFS note: "Rate offered by chartered banks on 90-day deposits in national currency."
    Notes: In the city of Toronto, there is an additional land transfer tax.
    Notes: In the city of Toronto, there is an additional land transfer tax.
    Notes: In the event that a mortgage goes into default on and the lender takes possession of the property, the proceeds from the sale of the property may not be sufficient to cover the liability; in this case, mortgage loan insurance (MLI) will cover the remaining loan balance and outstanding interest. By protecting mortgage lenders against borrower default, mortgage loan insurance decreases their risk and increases their willingness to enter into loans with buyers who might be a greater default risk.
    Notes: In the event that a mortgage goes into default on and the lender takes possession of the property, the proceeds from the sale of the property may not be sufficient to cover the liability; in this case, mortgage loan insurance (MLI) will cover the remaining loan balance and outstanding interest. By protecting mortgage lenders against borrower default, mortgage loan insurance decreases their risk and increases their willingness to enter into loans with buyers who might be a greater default risk.
    Notes: In the event that a mortgage goes into default on and the lender takes possession of the property, the proceeds from the sale of the property may not be sufficient to cover the liability; in this case, mortgage loan insurance (MLI) will cover the remaining loan balance and outstanding interest. By protecting mortgage lenders against borrower default, mortgage loan insurance decreases their risk and increases their willingness to enter into loans with buyers who might be a greater default risk.
    Notes: In the event that a mortgage goes into default on and the lender takes possession of the property, the proceeds from the sale of the property may not be sufficient to cover the liability; in this case, mortgage loan insurance (MLI) will cover the remaining loan balance and outstanding interest. By protecting mortgage lenders against borrower default, mortgage loan insurance decreases their risk and increases their willingness to enter into loans with buyers who might be a greater default risk.
    Notes: Interest Act-No practical impact currently
    Notes: Interest Act-No practical impact currently
    Notes: Interest Act-No practical impact currently
    Notes: Interest Act-No practical impact currently
    Notes: Interest Act-No practical impact currently
    Notes: Interest Act-No practical impact currently
    Notes: Interest Act-No practical impact currently
    Notes: Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty.
    Notes: Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty.
    Notes: Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty. 
    Notes: Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty. 
    Notes: Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty. 
    Notes: Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty. 
    Notes: Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty. 
    Notes: Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty. 
    Notes: It is not just urban. National number.
    Notes: It is not just urban. National number.
    Notes: It is not just urban. National number.
    Notes: It is not just urban. National number.
    Notes: It is not just urban. National number.
    Notes: It is not just urban. National number.
    Notes: It is not just urban. National number.
    Notes: It is not just urban. National number.
    Notes: Last quarter average
    Notes: Last quarter of the year
    Notes: Last quarter of the year
    Notes: Last quarter of the year
    Notes: Legal Fees and Disbursements: Must be paid upon closing and cost a minimum of $500 (plus GST/HST).Your lawyer/notary will also bill you direct costs to check on the legal status of your property. IMF average annual market exchange rate for 2007 and 2008 used (C$1.07 = 1 USD). IMF average annual market exchange rate for 2009 used (C$1.14 = 1 USD)
    Notes: Legal Fees and Disbursements: Must be paid upon closing and cost a minimum of $500 (plus GST/HST).Your lawyer/notary will also bill you direct costs to check on the legal status of your property. IMF average annual market exchange rate for 2007 and 2008 used (C$1.07 = 1 USD). IMF average annual market exchange rate for 2009 used (C$1.14 = 1 USD)
    Notes: Legal Fees and Disbursements: Must be paid upon closing and cost a minimum of $500 (plus GST/HST).Your lawyer/notary will also bill you direct costs to check on the legal status of your property. IMF average annual market exchange rate for 2007 and 2008 used (C$1.07 = 1 USD). IMF average annual market exchange rate for 2009 used (C$1.14 = 1 USD)
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: Life insurance companies and pension funds, as % of outstanding mortgages
    Notes: loans are recommended by brokers - but banks perform their own review and originate and disburse
    Notes: Loans are recommended by brokers - but banks perform their own review and originate and disburse.
    Notes: Loans are recommended by brokers - but banks perform their own review and originate and disburse.
    Notes: Loans are recommended by brokers - but banks perform their own review and originate and disburse.
    Notes: Loans at below market interest rates are available for social housing projects under CMHC's Direct Lending program. The program operates on a long-term breakeven basis in order to help reduce operating costs.
    Notes: Loans at below market interest rates are available for social housing projects under CMHC's Direct Lending program. The program operates on a long-term breakeven basis in order to help reduce operating costs.
    Notes: Loans at below market interest rates are available for social housing projects under CMHC's Direct Lending program. The program operates on a long-term breakeven basis in order to help reduce operating costs.
    Notes: Loans at below market interest rates are available for social housing projects under CMHC's Direct Lending program. The program operates on a long-term breakeven basis in order to help reduce operating costs. 
    Notes: Loans at below market interest rates are available for social housing projects under CMHC's Direct Lending program. The program operates on a long-term breakeven basis in order to help reduce operating costs. 
    Notes: Loans maybe recommended by brokers.
    Notes: Loans maybe recommended by brokers.
    Notes: Loans maybe recommended by brokers.
    Notes: Loans maybe recommended by brokers. % of new loans - does not include renewals
    Notes: Mainly directed/overseen by Ministry of Finance
    Notes: Mainly directed/overseen by Ministry of Finance
    Notes: MI exists, but it is not subsidized. It is commercially priced
    Notes: MI exists, but it is not subsidized. It is commercially priced
    Notes: MI exists, but it is not subsidized. It is commercially priced.
    Notes: MI exists, but it is not subsidized. It is commercially priced.
    Notes: MICs, private lenders and other alternative lenders will not use credit scoring for lending approval. The % is unknown
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: National Housing Act MBS and Special Purpose Corporations, as % of outstanding mortgages
    Notes: Near 70%
    Notes: Near 70%
    Notes: No fees at origination nor renewal.
    Notes: No fees at origination nor renewal.
    Notes: No fees at origination nor renewal.
    Notes: No fees at origination or renewal.
    Notes: No fees at origination or renewal.
    Notes: No fees at origination or renewal.
    Notes: No fees at origination or renewal.
    Notes: No fees at origination or renewal.
    Notes: No fees at origination or renewal.
    Notes: No fees at origination or renewal.
    Notes: No fees at origination or renewal.
    Notes: No withholding tax
    Notes: No withholding tax
    Notes: No withholding tax
    Notes: No withholding tax
    Notes: Non-bank component terminated by STC from Oct 2018 ; Credit Unions and Trust/Mortgage Loan Companies, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Non-depository credit intermediaries, as % of outstanding mortgages
    Notes: Not for primary residence. There is taxation on 2nd residence
    Notes: Not for primary residence. There is taxation on 2nd residence
    Notes: Not for primary residence. There is taxation on 2nd residence
    Notes: Not for primary residence. There is taxation on 2nd residence
    Notes: OSFI
    Notes: Rates are for 5 year roll-over loans but not necessarily for 10 year term
    Notes: Rates are for 5 year roll-over loans but not necessarily for 10 year term
    Notes: Rates are for 5 year roll-over loans but not necessarily for 10 year term
    Notes: Rates are for 5 year roll-over loans but not necessarily for 10 year term
    Notes: Real median after-tax household income in constant C dollars converted to US using average X rates
    Notes: Real median after-tax household income in constant C dollars converted to US using average X rates
    Notes: Real median after-tax household income in constant C dollars converted to US using average X rates
    Notes: Real median after-tax household income in constant C dollars converted to US using average X rates
    Notes: Real median after-tax household income in constant C dollars converted to US using average X rates
    Notes: Tax exemption from primary residence sale (capital gains)
    Notes: Tax exemption from primary residence sale (capital gains)
    Notes: Tax exemption from primary residence sale (capital gains)
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95%
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95% 
    Notes: The Bank Act requires that loans with LTV greater than 80% must be insured. Insured loans guaranteed by the Government of Canada have LTVs in excess of 95% 
    Notes: The dominant lenders are Universal/Commercial private banks, while non-deposit taking private institutions have a small share of the market. Very limited direct lending done by CMHC is not considered here.
    Notes: The Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty.
    Notes: The Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty.
    Notes: The Interest Rate Act stipulates that past 5 years, loans can be fully prepaid with a maximum of 3 months interest penalty.
    Notes: There are 2 pmt-to income ratios: a) Relative to housing debt + other housing expenses. b) Relative to total debt + other expenses. 32 % GDS + 40 %TDS. All pmt-to-income ratios are controlled at the household level.
    Notes: There are 2 pmt-to income ratios: a) Relative to housing debt + other housing expenses. b) Relative to total debt + other expenses. 32 % GDS + 40 %TDS. All pmt-to-income ratios are controlled at the household level.
    Notes: There are 2 pmt-to income ratios: a) Relative to housing debt + other housing expenses. b) Relative to total debt + other expenses. 32 % GDS + 40 %TDS. All pmt-to-income ratios are controlled at the household level.
    Notes: There are 2 pmt-to income ratios: a) Relative to housing debt + other housing expenses. b) Relative to total debt + other housing expenses 35% GDS, Gross Debt Service (i.e. housing only) + 42%TDS, Total Debt Service (i.e. all debts). All pmt-to-income ratios are controlled at the household level.
    Notes: There are 2 pmt-to income ratios: a) Relative to housing debt + other housing expenses. b) Relative to total debt + other housing expenses 35% GDS, Gross Debt Service (i.e. housing only) + 42%TDS, Total Debt Service (i.e. all debts). All pmt-to-income ratios are controlled at the household level.
    Notes: There are 2 pmt-to income ratios: a) Relative to housing debt + other housing expenses. b) Relative to total debt + other housing expenses 35% GDS, Gross Debt Service (i.e. housing only) + 42%TDS, Total Debt Service (i.e. all debts). All pmt-to-income ratios are controlled at the household level.
    Notes: There are 2 pmt-to income ratios: a) Relative to housing debt + other housing expenses. b) Relative to total debt + other housing expenses 35% GDS, Gross Debt Service (i.e. housing only) + 42%TDS, Total Debt Service (i.e. all debts). All pmt-to-income ratios are controlled at the household level.
    Notes: There are 2 pmt-to income ratios: a) Relative to housing debt + other housing expenses. b) Relative to total debt + other housing expenses 35% GDS, Gross Debt Service (i.e. housing only) + 42%TDS, Total Debt Service (i.e. all debts). All pmt-to-income ratios are controlled at the household level.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements.
    Notes: There are Federal and Provincial requirements. 
    Notes: There are Federal and Provincial requirements. 
    Notes: There are Federal and Provincial requirements.  
    Notes: This captures the number approved by CMHC (i.e. qualifying as NHA Approved Lenders) which represents the vast majority of the market
    Notes: This captures the number approved by CMHC (i.e. qualifying as NHA Approved Lenders) which represents the vast majority of the market
    Notes: This captures the number approved by CMHC (i.e. qualifying as NHA Approved Lenders) which represents the vast majority of the market
    Notes: This is based on total mortgages approved, and may be different from actual originations.
    Notes: This is based on total mortgages approved, and may be different from actual originations.
    Notes: This is based on total mortgages approved, and may be different from actual originations.
    Notes: This is the average rate for all variable mortgage loans in 2013 not necessarily 10 year term
    Notes: This is the average rate for all variable mortgage loans in 2015 not necessarily 10 year term
    Notes: This it the average rate for all variable mortgage loans in 2014 not necessarily 10 year term
    Notes: Total business and household credit
    Notes: Total business and household credit
    Notes: Variable/adjustable rate mortgage and combination mortgages
    Notes: Very limited. Not for residential mortgages, only for commercial mortgages.
    Notes: Very limited. Not for residential mortgages, only for commercial mortgages.
    Notes: Very limited. Not for residential mortgages, only for commercial mortgages.
    Notes: Very limited. Not for residential mortgages, only for commercial mortgages.