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CMHC data shows uninsured mortgages have taken over the market: uninsured loans made up 74% of outstanding chartered-bank mortgages in 2024, up from just 45% a decade earlier.
of outstanding chartered-bank mortgages were uninsured in the first half of 2024
— up from just 45% in the first half of 2015, as rising home prices push more borrowers above the 20%-down insurance threshold.
CMHC, Residential Mortgage Industry Report, Fall 2024
Refinances are almost entirely uninsured by design; renewals still carry the most insured dollars.
Insured share of newly extended mortgage dollar volume by transaction type, first half of 2024, rounded to the nearest whole percent. Refinancing an insured mortgage is not permitted under federal rules, which is why the refinance category is almost entirely uninsured. Source: CMHC, Residential Mortgage Industry Report, Fall 2024 (data reported by NHA MBS issuers).
Uninsured now dominates the market: 74% of outstanding chartered-bank mortgages were uninsured in the first half of 2024, up from 45% in the first half of 2015, as higher home prices push more borrowers above the 20%-down insurance threshold.
Renewals carry the most insured dollars: same-lender renewals had the highest insured share of any transaction type in H1 2024 (26%), reflecting insured mortgages originated years ago now coming up for renewal.
Refinances are almost entirely uninsured: only 3% of same-lender refinance dollars were insured in H1 2024 — federal rules prohibit refinancing an insured mortgage, so this segment is uninsured by design.
The $1.5M insured cap could shift this mix: December 2024 changes raised the insured-property price cap to $1.5 million and extended 30-year amortizations to more first-time buyers, which CMHC flagged could slow the shift toward uninsured lending in the years ahead.
| Transaction type | Insured $ (H1 2024) | Uninsured $ (H1 2024) | Insured share |
|---|---|---|---|
| Purchase of property | $21B | $63B | 25% |
| Same-lender refinance | $1B | $28B | 3% |
| Same-lender renewals | $20B | $56B | 26% |
| Other renewals/refinances | $3B | $12B | 20% |
Dollar values in billions, first half of 2024 (Q1–Q2 combined). Source: CMHC, Residential Mortgage Industry Report, Fall 2024, Figure 4 (data reported by NHA MBS issuers).
share of chartered-bank mortgages that were uninsured in the first half of 2015
CMHC
new insured-property price cap, up from $1M, effective December 2024
CMHC
maximum insured amortization now available to more first-time buyers
CMHC
arrears rate across all CMHC-insured loans in 2025, near pre-pandemic norms
CMHC
Most new files a broker packages today are uninsured, which shifts the underwriting emphasis toward lender-specific TDS and LTV policy rather than CMHC/Sagen/Canada Guaranty rules. Brokers still working insured deals — especially first-time buyers under the new $1.5M cap and 30-year amortization — need to keep both rule sets straight file to file, which is exactly where dedicated underwriting support earns its keep.
Last updated August 1, 2026. Each figure carries its source; projections are labelled. Page reviewed on every major source release. Information only — not advice.
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