OTTAWA, Aug. 29, 2019 /CNW/ - Canada Mortgage and Housing Corporation (CMHC) has released its quarterly financial report for Q2 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 as at and for the six months ended June 30, 2019.
Helping Canadians find a home that they can afford and that meets their needs
- Invested nearly $1.16 billion 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 over 111, 000 homes across the country, supporting over 59,000 homebuyers and more than 52,000 rental units;
- Provided $81 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 Manitoba, Saskatchewan and Newfoundland and Labrador 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 0.29%. The typical CMHC-insured borrower had, on average:
- Credit score — 755
- Equity — 7.4%
- Purchase price — $272,013
- Generated revenues of $2.5 billion and net income of $773 million.
- Total insurance-in-force was $439 billion, while total guarantees-in-force were $492 billion.
- 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 (197% of the minimum regulatory capital required) with an additional $2.4 billion in capital available for our mortgage funding operations.
"Canada Mortgage and Housing Corporation continued its contributions to the stability of Canada's financial system with the prudent management of our resources and commercial activities. We continue to lead the delivery of the National Housing Strategy and work towards our goal of every person in Canada having a home they can afford and meets their needs."
- 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: Leonard Catling, Media Relations, Canada Mortgage and Housing Corporation, 604-787-1787, [email protected]