CMHC made $1.8 billion from mortgage operations in 2017

by Steve Randall04 May 2018

Last year saw strong growth from the CMHC as the organization moved towards more agile ways of operating.

In its annual report the corporation says that its mortgage loan insurance and securitization business generated net income of $1.8 billion in 2017. It provided mortgage loan insurance for more than 250,000, 65% of which supported first-time buyers, and 14% were for buyers in rural areas.

It also reached a 5-year high for insurance of rental units, 120,000 in total.

CMHC provided $167 billion in securities to support residential mortgage financing. This includes $127 billion in National Housing Act Mortgage-Backed Securities and $40 billion in Canada Mortgage Bonds.

It was announced this week that president and CEO Evan Siddall will stay at the helm of the CMHC for an extended period ending December 2020. He said last year was a landmark year for the corporation.

"In 2017, we continued to transform the way we work to become a more agile organization that Canadians can be proud of. This positioned us for a historic accomplishment: announcing Canada's first-ever National Housing Strategy (NHS). Through the NHS and continued responsible management of our commercial activities, we will help ensure more Canadians can access housing that meets their needs," he said.

Fully capitalized far above regulatory requirement
CMHC remained fully capitalized with $15.2 billion in total mortgage insurance capital available, representing 184% of the minimum regulatory capital target, as of December 31 2017,

"We saw strong performance in all of our business lines in 2017. We invested $3.2 billion to create much-needed housing units for low- and middle-income Canadians across the country while generating $1.8 billion in net income from our mortgage loan insurance and securitization activities." said Lisa Williams, Chief Financial Officer.


2017 Annual Report highlights

Financial Highlights

Total Assets $267.1 B

Total Liabilities $249.3 B

Total Equity  $17.7 B

Net Income $1.8 B

Assisted Housing

Amount provided by the federal government through CMHC for housing programs $3.2 B

Mortgage Loan Insurance

Number of units insured (2017) 254,252

Insurance-in-force (as at Dec. 31, 2017) $480 B

Average equity: transactional homeowner (2017) 7.6%

Average credit score: transactional homeowner loans (2017) 752

Average insured loan amount: transactional homeowner (2017) $261,187

Average arrears rate (as at Dec. 31) 0.29%


Total guarantees-in-force (as at Dec. 31, 2017) $477 B

Annual securities guaranteed (2017) $167 B

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