LENDING ON resale resi-
dential properties has accel-
erated dramatically over the
past few years to a point
where it has now become the
dominant force in the resi-
dential lending markct.

A statistical study by
Canada Housing and Mor-
tgage Corporation shows
that after a slight decline in
1982, the growth in loans for
resale homes has been rising
steadily and by the end of
1985 accounted for 80 per
cent of all mortgage'loans.

The pattern of lending on
new housing remained rela-
tively flat over time,
reaching a peak in 1977 of
about $6 billion. At the end
of 1985, it stood at approx-
imately $5 billion. This seg-
ment of the mortgage mar-
ket is expected to change
very little over the next few

. years.

What has changed
significantly is the source of

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B xunit security wiring
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60 - Friday, May 22, 1987 - North Shore News

|Morningside
Estates

18 Quality Retirement
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. 5365-205 St.,

DEVELOPMENT CORPORAT 10N

RESIDENTIAL MARKET]
‘Resa'ie home
loans jump

residential mortgage funds.
The biggest is seen in the
dramatic decline in the in-
fluence of insurance com-
panies and the increase in
the importance of chartered
banks.

In 1957, insurance com-
panies accounted for 46 per
cent of this market. In 1985,
its share had declined to six
per cent.

In comparison, the banxs
increased their share from 26
per cent to 48 per cent over
this period.

Since 1954, when the Na-
tional Housing Act was in-
troduced, NHA-insured
mortgages held stable at
about $500 million until the
late 1970s. Conventional
mortgage lending over the
same period displayed slow
but steady growth — from
$1! billion in 1960 to $2.3

billion by the early 1970s.

For new housing loans,
the NHA share of the mar-

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ket has varied from a high of
73 per cent in 1955 to a low
of 25 per cent in 1966. Since
the mid-1960s, the NHA
share has stabilized at
around 45 to 50 per cent.
The study also showed
that the majority of bor-
rowers — about 50 per cent
— making use of NHA mor-
tgage loan insurance were in
the middle third of the in-
come scale. This pattern has
remained relatively stable
over the history of NHA.

In 1975, two out of every
three NHA borrowers of
new housing loans made
down payments of less than
10 per cent. In 1985, NHA-
insured loan limits were
reduced to 90 per cent from
the previous maximum of 95
per cent. This change, the
study noted, was in keeping
with the trend by borrowers
to reduce their over-all mor-
tgage debt.

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The
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#110-1999 Marine Dr., North Vancouver, B.C. V7P 3J3 “