April 30, 2024, Update on Residential Mortgage Amortization of Canada's 8 Main Lenders*:
RBC, TD, Scotiabank, BMO, CIBC, National Bank, Equitable and Desjardins**
Total $1.625T in residential mortgages of the 8 Lenders: (~81% of all mortgages in Canada)
Remaining Amortization Schedule of the 8 Lenders:
- 37.7% ($613.5B) > 25-year (vs. 37.7% in Q1)
- 13.4% ($218.3B) > 35-year (vs. 14.1% in Q1)
- Over 5.7% ($92B+) are non-amortizing (vs. 5.9% in Q1)
Non-amortizing or negative amortization means payments are less than the mortgage interest. ⚠
Total HELOC of above lenders: $282.7B, with $143.6B non-amortizing (interest-only)
Note Based on recent Bank of Canada report, 49.4% of newly issued mortgages have amortization longer than 25-year.
* We omitted MCAP and First National from our analysis as many of their mortgages are recorded on the books of other lenders.
** The statistics are derived from the Q2 2024 reports (ending April 30, 2024) of the six major banks and Equitable, as well as the Q1 2024 report of Desjardins (March 31, 2024).
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