OTTAWA, Aug. 24, 2018 /CNW/ - The Board of Directors for Canada Mortgage and Housing Corporation (CMHC) has approved a $1 billion dividend to its shareholder, the Government of Canada. The dividend is payable by November 30, 2018.
As a Crown Corporation, we are the only mortgage insurer whose proceeds benefit Canadians. The dividend balances returning excess capital to the Government, while retaining sufficient capital to protect against housing market risks. Our dividend framework is informed by our risk appetite, stress testing and scenarios analysis. We intend to continue to return excess capital to the Government while establishing a dividend that allows us to maintain capital in line with our long-term capital needs.
CMHC's intention is to continue declaring dividends on a quarterly basis, subject to approval by our Board of Directors.
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. For more information, follow us on Twitter, YouTube, LinkedIn and Facebook.
SOURCE Canada Mortgage and Housing Corporation
For further information: Audrey-Anne Coulombe, Media Relations, 613-748-2573, [email protected]