TORONTO (Reuters) - Canada’s government housing agency said on Thursday losses on its insured mortgage portfolio were stable and its arrears rate improving even as a cooling housing market has meant it is insuring fewer home purchases and refinancings.
In its third quarter financial report, CMHC said the overall arrears rate was 0.34 percent, while losses on claims were C$19 million ($19.1 million), or 12 percent, lower in the quarter compared with the same period in 2011. The number of claims received were down about 9 percent. ($1 = 0.99 Canadian dollars)
Reporting By Andrea Hopkins