In its recently released 2023 Annual Report, the Canada Mortgage and Housing Corporation (CMHC) outlines a year of resilience and response to the dynamic demands of Canada’s housing sector. Despite facing significant challenges, CMHC has proven to be a steadfast resource for Canadians, working collaboratively with various partners to address ongoing housing issues effectively.

A key development in 2023 was the heightened demand for CMHC’s multi-unit mortgage loan insurance, which saw a robust response to meet these needs. In an encouraging move, the federal government increased the annual cap for Canada Mortgage Bonds from $40 billion to $60 billion. This adjustment facilitated an additional $5 billion in funding for purpose-built rental projects, aiming to enhance the construction of more rental apartments. Such initiatives are anticipated to bolster the supply, improve vacancy rates, and make renting more affordable across the country.

CMHC’s efforts under the National Housing Strategy (NHS) have exceeded expectations even amidst tough economic pressures. Notably, the organization surpassed its goal by supporting 153,708 units that are affordable for those in core housing need, against a target of 120,000. Overall, CMHC’s programs contributed to 494,319 new, repaired, or assisted units in 2023, outpacing the set objective of 350,000. This achievement is largely attributed to the success of the Affordable Housing Fund (AHF), which saw significant agreements with provincial and municipal governments to repair housing units and a strong reception of the MLI Select insurance product tailored for multi-unit properties.

Financially, CMHC observed a decrease in total income before taxes by $168 million or 9% from the previous year, primarily due to a substantial reduction in assisted housing activities. However, the corporation declared dividends amounting to $1.08 billion, supported by retained earnings and a net income of $1.31 billion for the year. The insurance sector of CMHC also noted remarkable achievements, with homeowner insurance products facilitating the acquisition of over 48,000 housing units and multi-unit products supporting over 220,000 units, nearly 40% of which were for new constructions.

The report also highlights CMHC’s strategic initiatives aimed at improving housing accessibility and sustainability. The launch of the Housing Accelerator Fund and the Canada Greener Affordable Housing program are notable efforts that not only aim to increase housing supply but also align with Canada’s broader environmental goals, such as achieving net-zero emissions by 2050.

As CMHC continues to navigate the complexities of the housing market, its sustained focus on collaboration, innovation, and strategic funding will be crucial in shaping a more accessible and sustainable housing landscape for all Canadians.

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