CMHC Releases Annual Report for 2024 Français
Despite challenging economic conditions, CMHC continued to deliver results in 2024 as demand for its commercial products surged. Demand for CMHC's multi-unit mortgage loan insurance products remained strong throughout 2024, supporting more than 283,000 housing units, an increase of 28.7% over 2023. Of those, 43 percent were new construction, an increase of 38% over 2023. CMHC saw continued strong uptake of its MLI Select mortgage loan insurance product which incentivizes developers to build more affordable rental units. The Corporation also saw an increase in its mortgage funding products which provide liquidity for mortgage lenders to support Canadians' access to mortgage financing. Its homeowner mortgage insurance helped Canadians buy more than 49,000 housing units across Canada.
Through its commercial activities and the Government programs CMHC delivers, it helped create, repair and assist more than 500,000 homes in 2024. More than 118,000 of those homes are for Canadians in core housing need, and close to 300,000 units are in markets facing the greatest rental shortages. That's an increase of 40,000 units over 2023, exceeding its target by four percent. Of the units supported by CMHC in 2024, 48% are climate compatible, surpassing both its 25 percent target and 2023 results. The Corporation exceeded targets in delivering several federal housing programs, including the Apartment Construction Loan Program and the Affordable Housing Fund, which help builders get financing to build, repair or renew much-needed rental homes.
Quote(s):
"In 2024, CMHC demonstrated yet again that it can stay agile and remained the stabilizing force in turbulent times. CMHC's solid three-pronged approach spurs solutions to challenges across the housing landscape: commercial products, delivery of housing programs and unbiased housing research are all making a difference. It is working diligently with its many partners, including developers and builders, lenders, non-profit organizations and all levels of government toward a shared vision of a Canada where everyone has a home that they can afford and that meets their needs."
— Coleen Volk, CMHC's President and Chief Executive Officer
"CMHC continues to demonstrate it is an organization Canadians can count on, even in the most challenging economic times. In addition to incentivizing much needed housing supply and helping more Canadians buy homes. CMHC will continue to manage its commercial business as well as the public resources entrusted to it prudently for the benefit of all Canadians.
– Michel Tremblay, Chief Financial Officer and Senior Vice-President, Corporate Services
Highlights from CMHC Annual Report, as of December 31, 2024:
Consolidated income before income taxes increased by $238 million, a 14% increase compared to 2023. This was due to several factors, such as increased investment income, and offset by other factors including higher operating expenses for higher multi-unit insurance volumes.
At the end of 2024, CMHC's total insurance in force stood at $440 billion, representing an increase of $26 billion compared to 2023.This is largely due to growth in multi-unit insurance, partially offset by decreases in homeowner insurance and portfolio insurance.
CMHC provided guarantees for nearly $165 billion in National Housing Act mortgage-backed securities and $60 billion in Canada Mortgage Bonds, up 9% and 33.3% respectively, over 2023.
In 2024, CMHC implemented Government reforms to mortgage rules to make mortgages more affordable for Canadians: increasing the $1 million price cap for insured mortgages to $1.5 million; and allowing 30-year mortgage amortizations for all buyers of new builds. CMHC expects to see further uptake in 2025.
CMHC has suspended dividends to conserve capital in response to regulatory capital changes from the Office of the Superintendent of Financial Institutions taking effect January 1, 2026, and to respond to significant demand for multi-unit insurance products.
Cumulative housing program highlights to December 31, 2024:
More than $21 billion in loans committed through the Apartment Construction Loan Program to help build more than 56,000 new purpose-built rental units.
Close to $11 billion committed through the Affordable Housing Fund to help create close to 42,000 new affordable units and repair more than 168,000 community housing units.
More than $2.3 billion for close to 100,000 loans committed through the Canada Greener Homes Loan Program, delivered in partnership with Natural Resources Canada. About 77 percent of applicants have completed their retrofits and received final loan funding.
Signed agreements with 215 municipalities under the Housing Accelerator Fund including commitments of more than $4 billion over four years that are expected to create more than 114,000 additional housing units.
Delivered the new Co-op Housing Development Program, which will strengthen this integral part of the affordable housing space.
The CMHC Annual Public Meeting is available to watch on the CMHC web site.
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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