Mortgage credit growth slows MORTGAGE CREDIT growth slowed sharply to 1.6% during the first quarter of 1993, according to Mortgage Market Trends, a report released by Canada Mortgage and Housing Corportion (CMHC). This is the slowest growth since the level of 1.7% was posted in the fourth quarter of 1990. The total value of outstanding residen- tial mortgage reached $291 billion. First quarter results reflect ‘low activity in housing markets due to the exceptionally harsh winter, especially in Atlantic and Central Canada," said Marc Pellerin, CMHC's capital markets economist. ‘Mortgage lending ac- tivity should pick up with the return of spring and a_ better economy in coming months,” Pellerin added. In another article, issues of NHA Mortgage-Backed Securities remained high during the first quarter of 1993 totalling 118 new peols for a value of $1,912 mil- lion, in comparison with 128 new pools totalling $2,057 million in the fourth quarter of 1992, Lenders continue to rely on the A good month in the prairies From page 27 multiple segment, both public and private rental construction slipped while construction of semi- detached dwellings and con- dominium units recorded gains. Quebec starts sprang back to 35,600 units SAAR following a weak beginning of year. All mar- ket segments showed improve- ments over the March level of 26,500 units SAAR. Multiple unit construction, in particular, jumped to one of its best levels in NHA Mortgage-Backed Securities Program to raise funds for mart- gage lending purposes as these in- Struments remain a relatively in- expensive source of funds. This issue of Mortgage Market Trends also reports on a CMHC funded research study on mort- gage holdings by young Canadian households during the raid- cighties. According to the study, house- holds in this group tended to con- tract larger mortgage loans than necessary to acquire their principal residence, The amount contracted for nonhousing purposes mainly served to acquire or keep personal business assets, secondary homes, or rental units for investment purposes, Mortgage debt devoted to these nonhousing purposes represented nearly 40% of the total residential mortgage credit of the group. Another article features a com- parison of the Canadian and U.S. Mortgage-Backed Securities mar- kets. In Canada, NHA Mortgage- Backed Securities introduced in a year. British Columbia starts inched down to 37,400 units in April from 39,100 units SAAR ir March, still a strong level. 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