The Canada Mortgage and Housing Corporation has released its annual report for 2015, reviewing the agency’s performance during the year.
Among the highlights, the CMHC says it has expanded its assessment coverage from 8 markets to 15; published data on foreign ownership of condos in 16 markets; and covered the mortgages of 304,518 homes with more than half a million households assisted through long-term coverage.
The report shows that CMHC’s mortgage loan insurance portfolio has an average equity of 46 per cent, credit score of 761 (733 for transactional homeowners) and an arrears rate of 0.34 per cent.
The agency’s chairperson, Robert P. Kelly commented: “We are pleased to note that residential mortgage arrears rates remained low and credit scores were good. CMHC’s profitability and capital levels remained strong. The Board supports CMHC’s ongoing efforts to enhance its financial disclosures, market analysis and commentary for Canadians.”
A healthier housing market helped CMHC improve its loss ratio from 19.4 per cent in 2014 to 18.2 per cent in 2015 with claims paid totaling $353 million.
CMHC president Evan Siddall said that the agency is in good shape: “We ended the year with $19.4 billion in total capital available. At 354 per cent of our minimum capital target for the Mortgage Loan Insurance Activity, we have significant excess capital.”
He went on to say that CMHC is “an organization that Canadians can count on in good times and in bad.”