CMHC releases results for first quarter of 2025 Français
OTTAWA, ON, May 30, 2025 /CNW/ - Canada Mortgage and Housing Corporation (CMHC) today released its Quarterly Financial Report showing strong first quarter results despite a volatile economic environment due to global political factors including rising trade tensions.
For the three months ended March 31, 2025, we insured 10,030 transactional homeowner units, an increase of 37% over 7,295 in Q1 2024 supported by decreasing interest rates which lower the cost of borrowing as well as a mortgage rule change, which now allows 30-year insured mortgage amortization.
CMHC continues to see strong multi-unit residential volumes, which totaled $14,171 million in the first three quarters of 2025, up from $13,861 million during the same period last year – a 2% increase. The increase continues to be largely driven by the MLI Select product which allows for longer amortizations and higher loan to value, accessibility, and climate compatibility. In Q1, CMHC insured $10,476 million for MLI Select, an increase of 11% over $9,474 million during the same quarter of 2024.
CMHC also delivers housing programs and initiatives on behalf of the Government of Canada. An initial $2.63 billion for the Canada Greener Homes Loan Program was fully committed due to high demand. The program received a top-up in Q1 2025 for CMHC to deliver an additional $600 million in interest-free loans for a total of nearly $3.23 billion, supporting 15,000 to 24,000 more homeowners.
"We will continue to assess the impact that economic factors could have on housing affordability, our financial outlook and our financial results. We are fully committed to being an organization Canadians can count on."
– Michel Tremblay, Chief Financial Officer and Senior Vice-President, Corporate Services
Additional highlights for the three-month period ending March 31, 2025:
Arrears for mortgages insured by CMHC remain low at 0.30%, resulting in low levels of claims paid. The arrears rate increased slightly, up from 0.29% in the same quarter last year, and remain below historical trends.
CMHC guaranteed $54 billion in new securities in Q1, 2025 an increase from $52 billion in Q1 2024 resulting from higher NHS MBS volumes compared to last year.
Government funding and housing programs expenses are up compared to the same quarter in 2024, mainly driven by an increase of $447 million for the Housing Accelerator Fund program, $295 million for the Canada Community Housing Initiative. This was partially offset by a decrease of $85 million for the Affordable Housing Fund. Due to the nature of many housing programs, funding patterns may vary significantly year over year.
The full Quarterly Financial Report is available online.
CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. Its mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, it contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.
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While he urged his supporters to vote, he also acknowledged the Conservatives might not pull off the victory that had once seemed so certain. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'I want you to know that no matter what happens tomorrow, I will be there to fight for you.' Like most of his team, he did not anticipate what lay ahead. 'We would have given a limb for this result in January' A handful of Carney's advisers watched the election results come in with him as he prepared his acceptance speech at Ottawa's Le Germain hotel. At first, it looked a little concerning. The Liberals had hoped to sweep Newfoundland, signalling that a red majority wave was coming. Instead, they failed to win Central Newfoundland and they lost Long Range Mountains to the Conservatives. (After a judicial recount, they also lost Terra Nova-The Peninsulas). Then in Nova Scotia, they flipped only two seats, Cumberland—Colchester and South Shore—St. Margarets. In Quebec, voters had decided early on that Carney's French and his lack of local knowledge wasn't an issue — and nothing during the campaign convinced them otherwise. Former Bloc Québécois supporters handed the Liberals nine new seats, securing their best performance in the province since in 1980. Liberal supporters as results are announced on election night in Ottawa. Dave Chan/AFP via Getty Images So the news was relatively good until the results started coming in from Ontario, where they had hoped to gain 11 seats. That's not what happened. The shock of the night was Kamal Khera — a cabinet minister — losing her seat in Brampton West. Khera had topped the list of Liberal voter identifications in the country. How had she lost? ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Khera wasn't the only head-scratcher. The party also didn't foresee three-term MP Francesco Sorbara losing in Vaughan—Woodbridge — and by an enormous margin of nearly 15,000 votes. 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Had Muslim voters, upset with the party's stance on the war in Gaza, failed to turn out? Some incumbents were adamant that was the case, but a greater number seemed convinced it wasn't. Gta 'The most honest reflection of the country': Inside the 905 — the ridings that helped deny Mark Carney a majority Canada's political polarization is acutely visible in the Greater Toronto Area's suburban and rural ring — a diverse and fast-growing area of Gta 'The most honest reflection of the country': Inside the 905 — the ridings that helped deny Mark Carney a majority Canada's political polarization is acutely visible in the Greater Toronto Area's suburban and rural ring — a diverse and fast-growing area of Was the softness of the Liberal vote that had been flagged in the GTA — due to perceptions of crime, immigration, and housing constraints, and the groundwork done by the Conservatives — more entrenched than expected? Did the Liberals just have bad data? In Calgary and Edmonton, the Liberals failed to elect two potential cabinet ministers, George Chahal in Calgary Skyview and Sohi in Edmonton Southeast. In Surrey, Brampton, and Mississauga — areas core to the party's strength — the Liberals nearly lost several seats as the Conservatives' increased their vote by double-digit margins. In Brampton, the wins were razor thin. 'All of them almost lost,' reflected one MP. The Liberals had failed to see it coming. Why? 'I'd like to know,' said one field organizer. 'We can only make decisions based off of the data we're getting.' Andrew Bevan, the campaign's co-director, believes the party had good data for the most part. It won many of the seats it thought it was going to win in Atlantic Canada, in Quebec and in Manitoba. In Alberta, the Liberals hoped for four. They got two. But in Ontario, and especially in Brampton, they were off. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'We did all those things you'd normally do to try and cross-reference that the data we had on hand was valid,' Bevan told the Star. 'And the reality is in that one Brampton seat it wasn't, and the other Brampton seats were closer than we expected them to be. Likewise, in York (Region).' When candidates in Brampton raised the alarm midway through the campaign that they were losing their traditional supporters, the party commissioned a large third-language poll. It had not given them cause for concern. 'The doors were so divided,' a Peel Region MP explained. Long-time identified Liberal supporters were now telling canvassers they were voting Conservative, and past Conservative voters were now voting for Carney. 'I was having very unexpected people come and pick up Liberal signs from my office,' they said. The voter coalition had changed. One organizer joked that 'old white men came back' to save the party. Star Graphics Canadian federal election results: Check out our live riding map and see how the vote changed from 2021 Election graphics and morning-after analysis tell the story of Canada's 45th federal election. Star Graphics Canadian federal election results: Check out our live riding map and see how the vote changed from 2021 Election graphics and morning-after analysis tell the story of Canada's 45th federal election. White men over 50 had helped deliver many Liberal seats — in Victoria, and Bay of Quinte and Peterborough — and a host of other ridings were saved through their votes. One Mississauga MP described their voter base as largely NDP supporters, white voters over 50 and Muslims. But Brampton's voters, who are younger and include a larger Sikh population that split its support between the Liberals and the Tories, saw tougher races. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'If you're Sikh, you're happy that Trudeau stood by with the Sikh community. But if you are upset about the car thefts happening in your community, that you can't have a nice car sitting outside, that you have to install a Ring camera for security, that's going to annoy you more … There's a lot of goodwill towards the Liberals, but that's not how people vote,' that MP reflected. 'They vote based on how their individual lives are affected.' If the Liberals thought they had a challenge with the Conservatives' Tim Uppal and Jasraj Singh Hallan breathing down their necks, that party now had six new South Asian MPs to help spread the Conservatives' messages in areas key to forming government. But shifting vote intentions didn't just happen in the South Asian community. The Liberals' election night result prompted other questions. Why had they stopped talking to young Canadians? And how could the party do a better job of reaching out to them? sikhs If you're Sikh, you're happy that Trudeau stood by with the Sikh community. But if you are upset about the car thefts happening in your community … that's going to annoy you more What had happened to Liberal support with unionized workers? How had they let go of that advantage? And what would they do about keeping NDP supporters who had loaned them their votes? Had the centre-left party's vote not migrated, the Liberals might have had a string of losses across the country, notably in the GTA. Votes splits had damaged the NDP's chances of holding incumbent seats and reduced the party to its worst electoral result ever — seven seats — but it had also hurt the Liberals in places like Windsor, where the Conservative vote surged. Carney had cobbled together a coalition of supporters that included strange bedfellows: NDP voters, Quebec nationalists and older Progressive Conservatives who feared Trump and feared Poilievre. Could the Liberals keep that coalition together without Trump? Without Poilievre? ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Liberals had won most of the votes cast — for the first time since 2015 — nine new seats with 43.7 per cent support and more than 8.5 million votes. But Conservatives had also gained 25 seats, with 41.3 per cent of the vote, and more than 8 million votes. Canadian Prime Minister Mark Carney's Liberal Party has won the federal election, capping a stunning turnaround in fortunes fueled by U.S. President Donald Trump's annexation threats and trade war. (AP Video / April 29, 2025) They had come up short, but the good news for Conservatives was that they came very close. Their vote share increased. Their ground game was impressive. They turned out their vote. And they made impressive inroads with key voting blocs: young Canadians, unionized workers, immigrants. They laid down a path for future success. 'We can't pretend we didn't lose,' said one Poilievre adviser. '(But) we still pulled off something pretty remarkable. And the coalition that we've got here now, the key for us has got to be how do we hold it together, and how do we expand a little bit.' The Conservatives feel they won on the ballot question they ran on: the need for change. But they didn't win it by enough. And they didn't win on the ballot question Carney ran on: who could best stand up to Trump. pretend we didn't lose We can't pretend we didn't lose, (but) we still pulled off something pretty remarkable Another week, some believe, might have made the difference. Some Liberals agree. For Conservatives, the surprise of the night was their leader's loss of his own seat in Carleton. 'That was a shock,' said another Poilievre adviser. Despite the news stories and the local warnings, the message from Jenni Byrne to the Conservative war room was not to worry: the leader's seat was not in jeopardy. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Poilievre got more votes than he did in 2021, but Bruce Fanjoy beat him by 4,513 in a race where voter turnout was more than 81 per cent. In the days that followed, much internal criticism was directed at Byrne. It was her responsibility as the senior leader of the team, another adviser argued, to ensure that while Poilievre was out campaigning, his riding was taken care of. So after an election campaign he very badly wanted, Poilievre has emerged as a wounded leader. A Conservative supporter reacts as she watches results at Conservative Leader Pierre Poilievre's election night event in Ottawa. Christinne Muschi/ The Canadian Press Some in his caucus feel vindicated for their concerns about his aggressive tone, their opposition to his courting of the far right with conspiratorial nods, their criticism of his media strategy — of not engaging with the mainstream media, showing hostility towards journalists, even banning candidates from taking part in debates. But Poilievre isn't going anywhere. He plans to be back in the House of Commons as leader of the Official Opposition soon as he wins an upcoming byelection in a safe Alberta riding. In the meantime, he has installed the loyal and non-threatening former party leader Andrew Scheer to keep his seat warm. Carney, meanwhile, must struggle with his own caucus dynamics: a backbench that is restless, former cabinet ministers who feel spurn, and resignations on the horizon. The 2025 election marked the end of a campaign with multiple storylines. It was a campaign that Trudeau had hoped to run — that he'll never know if he could have won. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW It is the story of a Liberal party coming back from the brink — from a likely third- or fourth-place finish — to a fourth term in government. It was an election that Conservatives won on the issues but lost before it started. And it was the story of two men who each dreamed decades ago of becoming Canada's prime minister, whose fortunes were in no small part determined by a foreign adversary no one saw coming. Star Exclusive: Part 1 Analysis Trudeau was done, Carney was new, but Poilievre made a critical mistake. Here's how the Conservative's set themselves up to fail Althia Raj Star Exclusive: Part 2 Analysis Donald Trump turned Canada's predictable election into a chaotic race. Behind the scenes, Pierre Poilievre was struggling to adapt Althia Raj With files from Ryan Tumilty Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
