CMHC profits down $7 billion on oil prices

The downturn in oil prices has cost the Canada Mortgage and Housing Corporation more than $7 billion so far according to the agency’s president and CEO. Evan Siddall spoke at a CD Howe Institute meeting Monday and said that despite the lost profits CMHC’s capital reserves are 370 per cent higher than the minimum requirements and that it can still meet its commitments to insure mortgages.

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