Data released by the Canadian Mortgage and Housing Corporation indicates that residential mortgage debt grew in the first half of this year, to levels we haven't seen in nearly a decade. The agency justified the growth with explanations of record-low interest rates and “pandemic-fueled demand for more space.”

The CMHC's annual Residential Mortgage Industry Report was put out earlier this week and provided a comprehensive look at the country's residential mortgage market. It is based on available data collected at the end of this year's second fiscal quarter.

“We are also seeing that mortgages in arrears have reached a 30-year low. Many borrowers benefitted from a mortgage deferral program offered by CMHC and lending institutions and were able to resume regular payments. As well, more consumer savings and the growth in disposable income have contributed to the ability of Canadians to make the payments on time.” stated Tania Bourassa-Ochoa, Senior Specialist of Housing Research at CMHC. "In this unprecedented and unexpected economic context, mortgage credit in Canada did continue to grow. It not only continued to grow, but accelerated quite rapidly," added Bourassa-Ochoa.

The report covered additional topics pertaining to the mortgage markets, like rate selection and lender market share. Below are some of the highlights.