47% decrease in mortgage loan insurance business ‘new normal’: CMHC

TORONTO _ Canada’s national housing agency says the 47 per cent decline in the country’s insured mortgage market year-over-year in the third quarter is the “new normal level.”

The Canada Mortgage and Housing Corp. says in its latest financial report that it provided mortgage loan insurance to 67,915 units for the three-month period ended Sept. 30 compared to 127,991 units during the same period a year ago.

Steve Mennill, CMHC’s senior vice-president of insurance, says decreased...

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