OTTAWA, May 3, 2019 /CNW/ - Canada Mortgage and Housing Corporation (CMHC) today released its 2018 Annual Report, demonstrating its contributions to the stability of housing markets and the financial system while providing support for Canadians in housing need. In this way, CMHC has embarked toward its restated strategy of promoting housing affordability for all.
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 as at December 31, 2018.
Facilitating access to housing while contributing to financial stability
- Invested $2.3 billion on behalf of the Government of Canada to create and support much-needed housing units for low- and middle-income Canadians, including on-reserve;
- Provided mortgage insurance for more than 236,000 homes across the country, supporting over 123,000 homebuyers and some 113,000 rental units; and
- Provided funding for nearly 600,000 homebuyers through our mortgage funding activities, which benefit the entire Canadian housing industry by providing lenders with an affordable and reliable source of mortgage financing.
Implementing National Housing Strategy (NHS) Initiatives
- Commited 16,563 housing units for repair or construction through NHS initiatives;
- Launched the National Housing Co-investment Fund (NHCF) and committed $77.3 million to support the construction of new affordable housing and the repair and renewal of existing community and affordable housing; and
- Allocated $2.4 billion in financing through the Rental Construction Financing Initiative to support the construction of 8,795 new homes for renters.
Delivering results for Canadians
- Generated revenues of $4.8 billion and a net income of nearly $1.4 billion.
- Declared over $4 billion in dividends, payable to our shareholder, the Government of Canada.
- As a responsible risk manager, we hold capital for these activities in line with our risk profile and with regulatory capital requirements. For our mortgage insurance portfolio, we had $12.1 billion in capital available (168% of the minimum regulatory capital required) with an additional $2.5 billion in capital available for our mortgage funding operations.
"Our goal is that 'by 2030, everyone in Canada has a home that they can afford and that meets their needs.' We have invested in our technology platform, embraced a liberated and goal-focussed working environment, and put the people we serve at the heart of our business. Together, with housing providers, lenders and investors, we will ensure housing affordability for all." - Evan Siddall, President and Chief Executive Officer
"In 2018, we carefully managed our resources to deliver solutions that help create new housing, preserve existing housing and support low- and middle-income Canadians. At the same time, our Mortgage Insurance and Mortgage Funding activities supported access to homeownership while also remaining profitable." – Lisa Williams, Chief Financial Officer
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.
SOURCE Canada Mortgage and Housing Corporation
For further information: Audrey-Anne Coulombe, Media Relations, 613-748-2573, firstname.lastname@example.org