Canada Mortgage and Housing Corporation (CMHC) has released its quarterly financial report for Q1 2019 , demonstrating its contributions to the stability of housing markets and the financial system, while providing support for Canadians in housing need.
CMHC also published supplemental reports on its Assisted Housing, Mortgage Insurance, Mortgage Funding, and Covered Bonds activities, providing additional insights into each.
Highlighted results below are for the quarter ended March 31, 2019.
Helping Canadians find a home that they can afford and that meets their needs
- Invested $777 million on behalf of the Government of Canada to create and support much-needed housing units for low- and middle-income Canadians;
- Provided mortgage insurance for more than 39,000 homes across the country, supporting over 17,000 homebuyers and 22,000 rental units;
- Provided $39 billion in guarantees through our mortgage funding activities, which benefit the entire Canadian housing industry by providing lenders with an affordable and reliable source of mortgage financing; and
- Continued delivery of the National Housing Strategy (NHS), including the signing of bilateral agreements with Prince Edward Island, Alberta and Yukon under the new Housing Partnership Framework to support the delivery of key NHS initiatives.
Contributing to the stability of the financial system and delivering for Canadians
- Maintained the quality of our portfolio with an overall arrears rate of 0.30%. The typical CMHC-insured borrower had, on average:
- Credit score — 755
- Equity — 7.6%
- Purchase price — $284,164
- Generated revenues of $1.48 billion and net income of $394 million.
- Total insurance-in-force was $442 billion, while total guarantees-in-force were $494 billion.
- Declared $505 million in dividends, payable to our shareholder, the Government of Canada.
- Held capital for our commercial activities in line with our risk profile and with regulatory capital requirements. For our mortgage insurance portfolio, we had $12.2 billion in capital available (189% of the minimum regulatory capital required) with an additional $2.5 billion in capital available for our mortgage funding operations.
“In the first three months of 2019, we supported Canadians across the country access housing they can afford and that meets their needs, while responsibly managing our resources and contributing to the stability of the financial system.”
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry.
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