Housing at the heart of our accomplishments: CMHC Annual Report 2022

Ottawa, May 4, 2023

Canada Mortgage and Housing Corporation (CMHC) today released its 2022 Annual Report, demonstrating that in a context of very difficult housing affordability and supply challenges, CMHC has taken strong, decisive action to meet those challenges, and ultimately contributes to making a difference for Canadians.

At CMHC, we know housing can make a transformative difference in the life of an individual, a community and a country. In 2022, many Canadians were struggling to find housing — from those needing emergency shelters or social housing, to renters in search of affordable living, to others pursuing home ownership. Solving these complex issues requires a whole-of-society approach, and CMHC has facilitated important progress in its role as a national convenor, bringing partners together to tackle these huge challenges.

Quotes:

“Helping Canadians in this struggle with housing affordability and accessibility has become increasingly complex and urgent. I’m extremely proud of CMHC as we are continuing to advance on our goals during these difficult times. But it’s clear that no one organization can solve our country’s housing affordability challenges. We need to continue working with partners from all levels of government, organizations, and the private and non-profit sectors. Everyone has a role to play in building a better housing system. Together we can promote big, bold changes in the way Canada builds, operates, and finances housing. Canadians can count on CMHC to keep building this momentum and lead the conversation.”
— Romy Bowers, CMHC’s President and CEO

“Affordability was a central pillar of the federal government’s 2022 budget. These recent investments confirm that the Government of Canada will continue to look to CMHC to support Canadians. Delivering on the federal government’s budget commitments was key in having a positive impact on the lives of Canadians in 2022. We will continue to manage the public resources entrusted to us prudently for the benefit of all Canadians as we build for the future.”
— Michel Tremblay, CMHC’s Chief Financial Officer and Senior Vice President, Corporate Services

Annual Report Highlights as of December 31, 2022:

Revenues from commercial activities and government funding totaled $6.1 billion in 2022, a 3% decrease compared to 2021. This was mainly due to a decrease in government funding, driven mainly by lower contributions from the Rapid Housing Initiative, as its 2^nd round ended in 2022 and the 3^rd round only launched in December.
Revenue from our commercial operations — our Mortgage Insurance and Mortgage Funding activities — was $2.5 billion in 2022, a 1% decrease compared to 2021.
Expenses were higher in 2022 due to an increase in operating expenses that was mainly driven by the costs incurred to administer the one-time top-up to the Canada Housing Benefit, and an increase in insurance claims expenses. While the unemployment rate, arrears rate, and claims have remained low and the housing price index remained strong through 2022, a prolonged claim reporting period contributed to an increase to the overall provision for claims.
In 2022, we declared dividends of close to $2.2 billion, funded from our retained earnings from prior years and our 2022 net income of over $1.6 billion.
Our mortgage loan insurance (MLI) products are integral to a healthy, stable housing finance system. In 2022, we launched a new product, MLI Select, that’s already incentivizing more affordable, accessible, and climate-compatible rental housing. Of the 178,000 plus rental units insured in 2022, over 49,965 units were for MLI Select.
In 2022, our homeowner insurance products helped homebuyers purchase 64,266 housing units across Canada, with over 16% insured in rural areas.
We delivered on the federal government’s budget commitments and:
- launched and expanded programs that create more affordable housing. For example, we rolled out the 3^rd round of the highly successful Rapid Housing Initiative (RHI). Municipalities, non-profit housing providers and other partners have embraced this program, and we’re on track to build more than 14,500 permanent affordable homes for those experiencing or at risk of homelessness.
- designed the new Housing Accelerator Fund, in consultation with government and industry partners. This fund will help municipalities address barriers that prevent or slow down housing projects in the development phase. This means more homes will get built more quickly.
- we supported the federal government in deploying legislation to address these specific issues:
  - the one-time top-up to the Canada Housing Benefit to provide $500 to lower-income renters struggling to pay their rent.
  - the Prohibition on the Purchase of Residential Properties by Non-Canadians Act, which came into force on January 1, 2023, to make housing more accessible to Canadians.
Finally, we prioritized work that will help us better serve Canadians in the future. We’re deepening our research on vulnerabilities in the housing system so that we can better anticipate them and help policymakers act. Our Housing Supply Report series, for example, is giving a clearer picture of the extent of Canada’s housing supply gap and insights on how to fix it.
In 2023, we will be focussing on federal initiatives, such as:
- a strategy to improve housing for Indigenous people living in urban, rural and northern areas, that is currently being co-developed with Indigenous partners
- setting up a low-cost flood insurance program with Public Safety Canada; and
- a Homebuyers’ Bill of Rights
Also in 2023, we will be developing an equity framework that will drive our efforts to create a fairer housing system for all.
And we will be focusing on our Homeowner Business Transformation project. This will modernize our MLI business to allow for faster decision-making, more transparency and easier access.

Read the full 2022 Annual Report.

CMHC supports the housing market and financial system stability by providing support for Canadians in housing need, and by offering housing research and advice to all orders of Canadian government, consumers and the housing industry.