Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators Majority of non-bank mortgages uninsured Nearly two-thirds of residential mortgages that were over 90 days in arrears in the first quarter were uninsured By Staff | October 28, 2019 | Last updated on October 28, 2019 1 min read More than half of Canadians’ mortgages from non-bank lenders are uninsured, according to data from Statistics Canada published Monday. Non-bank lenders include credit unions, trusts, insurers, and mortgage investment corporations. According to StatsCan, 63.9% of non-bank mortgages are uninsured and they represent 57.4% of the total value of non-bank mortgages $186.4 billion worth of uninsured mortgages are held at non-banks, StatsCan says, with an average value of $169,575. By comparison, the average value of insured mortgages is $222,843. In the first quarter of 2019 (Q1 2019), non-bank lenders provided $32.8 billion worth of residential mortgages, with an average value of $263,853. Again, uninsured mortgages represented over half (56.9%) of the total value, and 60.2% of the volume of new residential mortgages in Q1 2019. Nearly two-thirds, or 65.1%, of the residential mortgages that were over 90 days in arrears in Q1 2019 were uninsured, the agency reports. The average value of these mortgages was $216,924. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo