HOME & GARDEN

im Report charts current
a mortgage credit trends

RESIDENTIAL MORTGAGE
credit rose by 2.2% in nominal
terms during the third quarter of
1991, the largest rate of growth
since the second quarter of 1990,
according to a report released
recently by Canada Mortgage and
Housing Corporation (CMHC).

The January issue of CMHC’s
quarterly Mortgage Market Trends
reports that despite the improve-
ment in mortgage lending activity,
it is still only about haif the
prevailing rate during the pre-
recession market.

“The increase in mortgage cred-
it coincided with stronger new
home activity during the third
quarter and a weaker resale mar-
ket. Regardless, we are still expec-
ting a few more soft quarters of
housing activity,’ said Gilles
Proulx, CMHC’s chief economist.

The report also features the
outlook for mortgage markets in
Canada this year by repre-
sentatives of four major lenders.
The consensus view is for stronger
mortgage lending activity.

Lower mortgage rates and
house prices will be beneficial for
both residential construction and
existing home sales. Growth in
mortgage lending is expected to be
modest, however, as the economy
recovers gradually.

An update on the NHA Mor-
tgage-Backed Securities (MBS)
market reveals that issues of NHA
MBS reached a record of 282
pools for a total of $3,187 million
ia 1991. The cumulative value of
issues, excluding mature pools,
reached $8,346 million ai the end
of 1991,

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