OTTAWA: Canada Mortgage and Housing Corporation (CMHC) has released its 2016 annual report titled “Innovating for Better Housing Outcomes.” The report captures how CMHC, as Canada’s authority on housing, contributes to the stability of the housing market and financial system while providing support for Canadians in housing need.
In 2016, CMHC supported over 500,000 Canadian households through long-term social housing commitments and provided mortgage loan insurance for more than 350,000 homes, according to a release issued on May 9. CMHC’s mortgage loan insurance and securitization activities operate on a commercial basis without the need for funding from the Government. As a result of these activities, CMHC generated a net income of $1.4 billion for the year ended Dec. 31. At year end, total mortgage insurance capital available was $18.6 billion.
On the continued strength of performance, CMHC will be implementing a dividend framework and will begin paying a dividend to the Government of Canada in 2017. “In 2016, CMHC truly re-emerged as Canada’s authority on housing,” stated Evan Siddall, CMHC president and CEO. “We significantly increased our support for Canadians in housing need through renewed investments in affordable housing; we led a national consultation to inform Canada’ first National Housing Strategy all while supporting Canadian’s access to housing finance through our ongoing mortgage loan insurance and securitization activities.” in addition to the $2 billion the government already invests in housing each year, CMHC was entrusted with delivering more than $4 billion in new investments in 2016 to improve access to affordable housing.
