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Canada : Financial Sector Assessment Program
Technical Note-Housing Finance

Series:Country Report No. 20/17
ISBN 9781513527147
Code: #1CANEA2020002

Publication year: 2020

Cdn: $25.00; US: $18.00
Language: English
23 pages
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Housing finance is broadly resilient, but pockets of vulnerabilities exist. Mortgage finance is dominated by domestic systemically important financial institutions (D-SIFIs) and supported by the government via mortgage insurance, securitization guarantees, and other policies. With a market share of about 70 percent, D-SIFIs focus on prime borrowers, and their lending is backed by their strong balance sheets. The smaller (uninsured) non-prime lending segment is largely served by smaller banks and prudentially unregulated lenders, which are comparatively less resilient. Some of these lenders rely on less stable, higher-cost funding such as brokered deposits or redeemable equity, and their lending is concentrated in regions with large housing market imbalances. Market concerns about the business model of non-prime lending were manifested by the liquidity crisis at a mid-sized deposit-taking institution in 2017.
Canada : Financial Sector Assessment Program
Cdn: $25.00; US: $18.00
International Monetary Fund (IMF) BookID: 126986 Added: 2020.2.9