More than half of residential mortgages from non-bank lenders at the end of the first quarter were uninsured, according to the results of a Statistics Canada (StatCan) survey released on Monday.

The total number of outstanding mortgages was 1.7 million, with a total value of $324.9 billion, according to StatCan’s survey of non-bank mortgage lenders. Uninsured mortgages represented 57.4% of the total value and 63.9% of the total number of outstanding mortgages.

The average value of outstanding uninsured mortgages was $169,575, one-third lower than the average value of outstanding insured mortgages ($222,843).

In Q1, non-bank lenders in Canada extended 124,171 residential mortgages at a total value of $32.8 billion. Mortgages extended – those approved, issued and added to the balance sheet during the quarter – represented 10.1% of the total value and 7.2% of the total number of outstanding mortgages.

Uninsured mortgages accounted for 56.9% of the total value and 60.2% of the total number of mortgages extended. The average value of uninsured mortgages extended ($249,138) was lower than that of insured mortgages extended ($286,123).

In the same quarter, 65.1% of residential mortgages in arrears over 90 days were uninsured. These mortgages represented 0.2% of the total value and 0.1% of the total number of outstanding mortgages.

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