The Canada Mortgage and Housing Corporation says the level of insured mortgages in the country now – is the new normal.

Canada’s national housing agency says there’s been a 47 per cent drop in the insured mortgage market year-over-year… in the third quarter.

And CMHC’s vice-president of insurance says those lower volumes have been steady throughout the year – because of the new regulations announced by the federal government – in the fourth quarter of 2016.

The agency also says there’s been an improvement – in the quality of its mortgage loan insurance portfolio.