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Canada  + Cross Border News  + Multi-residential Housing  | 
The number of Canada Mortgage and Housing Corporation-backed multi-residential property mortgages continued to rise in the third quarter.

Federally Insured Multi-Res Mortgages Jump 18%

The number of Canada Mortgage and Housing Corporation-backed multi-residential property mortgages continued to rise in the third quarter.

Total units covered by CMHC-insured mortgages jumped 18% to 51,443 from 43,457 a year earlier, the federal housing agency said in a news release. The increase was driven by new construction as 20,273 units were built.

“The increase in multi-unit residential is partially offset by a decrease in transactional homeowner unit volumes,” said CMHC.

MLS home sales dropped 14.9% year-over-year to 447,280 units, the largest decline since the mid-1990s, as the average home price fell 5.3% year-over-year to $679,553.

Federally insured multi-residential mortgage dollar volume soared 44.3% year-over-year to $10.5 billion from $7.3 billion, states the third quarter report.

CMHC’s insured multi-unit property dollar volume was down from $12.3 billion in the second quarter of 2023. The Crown corporation is Canada’s only insurer of multi-unit residential mortgages.

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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