After home sales reached historic peaks in the first half of 2021, residential mortgage activity eased up in the third quarter of 2021. This deceleration was reflected by a reduction in the value and number of mortgages extended by non-bank lenders. However, many housing market indicators, including the value of mortgages extended by non-bank lenders, remained at levels never seen before 2020. In the third quarter of 2021, the value of outstanding residential mortgages (see the definition in the Note to readers) held by Canadian non-bank mortgage lenders reached $350.5 billion, its highest value since the first iteration of this survey, which collected data for the second quarter of 2019. In comparison, the total value of outstanding residential mortgages held by chartered banks was $1.4 trillion.
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