CMHC delivers results for Canadians in first quarter of 2018

Canada Mortgage and Housing Corporation (CMHC) today released its first quarter financial report demonstrating its contributions to the stability of housing markets and the financial system while also providing support for Canadians in housing need.

CMHC also published supplemental data on its Assisted Housing, Securitization and Covered Bonds activities. New this quarter is an expanded Mortgage Loan Insurance business supplement.

Contributing to the stability of the financial system and facilitating access to housing

For the three months ended March 31, 2018, we:

  • Provided mortgage loan insurance for more than 43,000 new units across the country, including over 24,700 rental units.
  • Maintained the quality of our portfolio with an overall arrears rate of 0.29%. The typical CMHC-insured borrower had, on average:
    • Credit score — 752
    • Purchase price — $ 281,123
    • Equity — 7.8%
  • Provided guarantees for $36.7 billion in securities to support residential mortgage financing. This includes $27.2 billion for National Housing Act Mortgage-Backed Securities and $9.5 billion for Canada Mortgage Bonds.

Helping Canadians in housing need gain access to suitable housing they can afford

For the three months ended March 31, 2018:

  • We invested $1 billion through our Assisted Housing activities on behalf of the Government of Canada to create much-needed housing units for low- and middle-income Canadians across the country.
  • Budget 2018 proposed to increase the amount of low-cost loans provided by the Rental Construction Financing Initiative by $1.25 billion over the next three years. This brings the total to $3.75 billion in available loans for this initiative, which is open until December 31, 2020.

Delivering results for Canadians

CMHC’s mortgage loan insurance and securitization guarantee programs operate on a commercial basis. As a result of these activities in the first quarter, we generated net income of $293 million.

As a responsible risk manager, CMHC holds capital for its commercial activities in line with its risk profile and with regulatory capital requirements. Our overall insurance-in-force as at March 31, 2018 is $472 billion and for this we had $14.3 billion in capital available, representing 177% of the minimum regulatory capital target.

“We continue to navigate a changing regulatory environment that has impacted our mortgage loan insurance volumes. Nonetheless, we generated a net income of $293 million from our commercial activities, including securitization. This quarter, we also invested $1 billion to create much-needed housing units for low- and middle-income Canadians across the country.”

— Lisa Williams, Chief Financial Officer

Provided By: CMHC

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.