Bio

Maria teNyenhuis is an economist in the Financial Stability Department. She received her Master of Arts in Economics from the University of British Columbia.


Staff analytical notes

Impacts of interest rate hikes on the consumption of households with a mortgage

We assess how much the recent rate-hike cycle has and will affect mortgage borrowers' consumption through its impacts on mortgage payments. Our analysis provides insights into the effects of changes in monetary policy on the consumption of mortgage borrowers.

The impact of higher interest rates on mortgage payments

Staff Analytical Note 2023-19 Maria teNyenhuis, Adam Su
We investigate how the increase in interest rates since early 2022 is affecting mortgage payments. By November 2023, less than half of mortgage holders had faced higher payments. Many borrowers will see a sizable increase in payments at renewal, although income growth could help mitigate the impact.

Variable-rate mortgages with fixed payments: Examining trigger rates

Staff Analytical Note 2022-19 Stephen Murchison, Maria teNyenhuis
We estimate the share of variable-rate mortgages with fixed payments that reached the so-called trigger rate—the interest rate at which mortgage payments no longer cover the principal. Amid rising interest rates, this share was close to 50% at the end of October 2022 and could potentially reach 65% in 2023.

Resilience of bank liquidity ratios in the presence of a central bank digital currency

Staff Analytical Note 2022-5 Alissa Gorelova, Bena Lands, Maria teNyenhuis
Could Canadian banks continue to meet their regulatory liquidity requirements after the introduction of a cash-like retail central bank digital currency (CBDC)? We conduct a hypothetical exercise to estimate how a CBDC could affect bank liquidity by increasing the run-off rates of transactional retail deposits under four increasingly severe scenarios.

The Impact of Recent Policy Changes on the Canadian Mortgage Market

Staff Analytical Note 2018-35 Olga Bilyk, Maria teNyenhuis
Recent policy changes are having a clear impact on the mortgage market. The number of new, highly indebted borrowers has fallen, and overall mortgage activity has slowed significantly.

The Characteristics of Uninsured Mortgages and their Securitization Potential

Staff Analytical Note 2018-24 Adi Mordel, Maria teNyenhuis
Following changes to housing finance policies that target insured mortgages, uninsured mortgage credit has been growing. This robust growth creates a larger pool of mortgages that may be suitable for private-label residential mortgage-backed securities (RMBS).

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