This week, the Canada Mortgage and Housing Corporation (CMHC) released its first quarter report on the company’s financial performance and contributions to Canadian housing stability.
Highlights (January to March 2018) include:
Facilitating access to housing loans:
- CHMC provided loan insurance for over 43,000 Canadian properties, including over 24,700 rental units.
- The company maintained a stable portfolio with overall arrears rate of 0.29%, and an average credit score of 752.
- It also backed $36.7 billion in securities for residential mortgage financing.
Helping Canadians gain access to affordable housing:
- CMHC invested $1 billion into assisted housing activities on the behalf of the government to create housing units for low- and middle-income Canadians.
- Budget 2018 hopes to increase the Rental Construction Financing Initiative’s low-cost loans by $1.25 billion over the next three years.
Delivering results for Canadians
As a result of its commercial activities in the first quarter, CHMC generated a net income of $293 million.
CMHC holds capital for its commercial activities in line with its risk profile and with regulatory capital requirements. Its overall insurance-in-force as at March 31, 2018 is $472 billion for which it kept $14.3 billion in capital available, representing 177% of the minimum regulatory capital target.
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