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early warning · Frozen publication data

The risk is in mortgages already on the books, not new ones

Share of mortgage balances held by borrowers with a credit score below 600, Canada

Unit: percent of balances
Compare series or markets · 2 selected
The risk is in mortgages already on the books, not new onesBorrowers scoring under 600 now hold 1.74% of outstanding mortgage balances, up from 1.11% in 2022. Their share of new lending fell to 0.45%. Unit: percent of balances. Not seasonally adjusted. Use left and right arrow keys to inspect observations. The data table follows the chart.The risk is in mortgages already on the books, not new onesShare of outstanding balancesShare of new lendingpercent of balances0%0.5%1%1.5%2%Q2 2022Q2 2023Q2 2024Q2 2025Q2 2026CMHC, Residential Mortgage Industry Report, Fall 2026, figure 6 (Equifax data, CMHC calculations) · Through 2026-Q2Not seasonally adjustedHOMIES RESEARCH
Q2 2026Share of outstanding balances 1.74%Share of new lending 0.45%

Borrowers scoring under 600 now hold 1.74% of outstanding mortgage balances, up from 1.11% in 2022. Their share of new lending fell to 0.45%.

Source: CMHC, Residential Mortgage Industry Report, Fall 2026, figure 6 (Equifax data, CMHC calculations). Reference: 2026-Q2. Released 2026-10-27. Retrieved 2026-10-27.

Not seasonally adjusted · Credit scores change over time, so this shows existing borrowers whose credit got worse, not lax new lending.

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View accessible data table · 2 series, 17 observations

Showing the latest 12 observations.

The risk is in mortgages already on the books, not new ones. Unit: percent of balances. Not seasonally adjusted
PeriodShare of outstanding balancesShare of new lending
Q3 20231.28%0.47%
Q4 20231.35%0.56%
Q1 20241.45%0.62%
Q2 20241.45%0.55%
Q3 20241.53%0.5%
Q4 20241.55%0.53%
Q1 20251.6%0.54%
Q2 20251.6%0.47%
Q3 20251.64%0.43%
Q4 20251.66%0.4%
Q1 20261.72%0.46%
Q2 20261.74%0.45%

Homies Research · CMHC Fall 2026 mortgage report, explained ↗