Canada Mortgage and Housing Corporation (CMHC) reported a first quarter net income of $293 million from its commercial activities, including securitization.
CMHC said that, in the first three months of this year, it provided mortgage loan insurance for more than 43,000 new units across the country, including over 24,700 rental units. It also maintained the quality of its portfolio with an overall arrears rate of 0.29%. Furthermore, it provided guarantees for $36.7 billion in securities to support residential mortgage financing. This is made up of the $27.2 billion for National Housing Act Mortgage-Backed Securities and $9.5 billion for Canada Mortgage Bonds.
The first quarter of 2018 was a notable period as CHMC assisted Canadians in gaining access to suitable affordable housing. CHMC announced that it invested $1 billion through its Assisted Housing activities on behalf of the Government of Canada to create essential housing units for low- and middle-income Canadians across the country. This initiative will continue until December 31, 2020 with $3.75 billion available loans in total.
In closing, CMHC Chief Financial Officer Lisa Williams keeps a positive outlook in the coming months. "We continue to navigate a changing regulatory environment that has impacted our mortgage loan insurance volumes, " she said.
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