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Canada Mortgage and Housing Corporation (CMHC) released its third quarter financial results today as well as supplemental data on the Corporation’s Mortgage Loan Insurance, Securitization, and Covered Bonds business activities.

CMHC’s mortgage loan insurance and securitization guarantee programs operate on a commercial basis without support from Canadian taxpayers. During the quarter, CMHC generated $331 million in net income from these activities.

Report Highlights

  • During the third quarter, CMHC facilitated access to mortgage financing by providing mortgage loan insurance for 127,991 units across the country, up 26.8% from the same period last year.
  • At September 30, 2016, the size of CMHC’s mortgage insurance business was $514 billion in total insurance-in-force, a $9 billion decrease from the previous quarter. This is still well below CMHC’s legislated insurance-in-force limit of $600 billion.
  • The average equity Canadian homeowners hold in their property also increased slightly in the third quarter to 34.8% from 34.4% in the previous quarter.
  • Homebuyers with CMHC-insured mortgages have a strong ability to manage their debts as supported by an average credit score of 751 for transactional homeowner loans and an average gross debt service (GDS) ratio of 25.7% for the three-months ended September 30, 2016.
  • The strength of CMHC’s portfolio is reflected in the overall arrears rate which, as at September 30, 2016, stood at 0.32%, unchanged from the previous quarter. Total number of loans in arrears was 8,286 as at September 30, 2016.
  • New securities guaranteed for the third quarter totalled $43.1 billion, comprised of $32.9 billion for market NHA MBS and $10.2 billion for CMB.

Consistent with our mandate, CMHC is present in all markets and through all economic cycles.

CMHC also works closely with provinces, territories and housing providers, including First Nations, to help low-income Canadians access affordable, better quality housing. For the three-month period ended September 30, 2016, CMHC provided more than $531 million for housing programs on behalf of the Government of Canada.

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. .

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