Latest news with #CanadaMortgageHousingCorporation
Associated Press
3 days ago
- Business
- Associated Press
CMHC releases results for first quarter of 2025
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: 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. Follow us on X (formerly Twitter), YouTube, LinkedIn, Facebook and Instagram. SOURCE Canada Mortgage and Housing Corporation (CMHC)
CBC
6 days ago
- Business
- CBC
Moncton to get $1.2M in additional federal funding to boost housing supply
Moncton is getting an additional $1.2 million in federal housing funding. It's money on top of $15.3 million previously announced to boost the city's housing supply. The new funding, through the Canada Mortgage and Housing Corporation's Housing Accelerator Fund, is expected to be used for grants, studies and planning department staff. Councillors reviewed the plan at a committee meeting Monday with final approval expected at a council meeting June 3. Josh Davies, Moncton's manager of long-range policy planning, said the funding came after the city showed success with another housing initiative. Some of the funding will replenish grant programs launched with the initial funding. "The grant programs have been very strong," Davies told reporters. One of the grant programs offered $10,000 to homeowners building an accessory dwelling unit, such as a garden home. The funds for that program had been spent within the first year. The new money will allow for 26 more grants. Some of the additional funding would also go toward a grant program providing $20,000 per unit for non-profit housing as the initial amount is nearly all spent. The additional money would allow for nine more grants. Other funding would cover studies the city is carrying out, including plans for areas that have yet to be developed in the city. The studies could look at transportation and utility servicing, zoning and land for public purposes. Heritage housing study Another study expected to start next year would examine how heritage buildings could be repurposed to increase the housing supply. Davies said the study would look at larger heritage buildings, including some currently used for commercial space, that could be renovated to add more housing units. "Not to say we're going to turn them all into small apartments," Davies said. "But where can we find wins? And what type of buildings may be more appropriate for conversion? Which ones not so much?" He said the goal is to preserve what gives the property heritage value. "We want to make sure that remains intact, while also looking for opportunities to increase density when we can." Coun. Daniel Bourgeois asked city staff to shift some of the funding toward a program to cover "soft costs" non-profit builders face "so that we can help them fund the legwork." Those costs can include engineers, site surveys and other work carried out before construction begins. Davies said the initial round of funding included grants to help cover those costs, but there wasn't significant uptake. "There hasn't been as much knocking on the door for the soft-cost program," he said. Coun. Shawn Crossman asked about $220,000 budgeted for more planning department staff. Davies said it would be spent on contracts for people to assist on certain projects and that he doesn't expect it would result in additional full-time staff. The initial funding came with a target of more than 2,500 new housing units created over three years. Davies said the first year finished around 100 units higher than targeted and he is "anticipating a similarly strong year."
Vancouver Sun
01-05-2025
- Business
- Vancouver Sun
Tax breaks, expanded dental care, more housing and faster major-project approvals promised by federal Liberals
All Canada's political parties made a string of promises to electors during the past few week's federal election campaign. Article content Article content It is now up to the victor — the Liberal Party of Canada — to make good on those promises. Article content The Liberals promised to scrap the GST for first-time homebuyers on new homes under $1 million, a saving of $50,000 on a $1 million home. They also said there would be a middle-class tax cut, by reducing the marginal tax rate on the lowest tax bracket by one per cent. Article content Article content Article content Article content Carney promised the federal government would build 500,000 new homes over the next decade. The Liberals will create a federal entity to act as a housing developer, similar to what Canada Mortgage Housing Corporation used to do. They have promised to finance the construction of prefabricated and modular housing on federal land. Article content Article content DENTAL CARE Article content Subsidized dental care for people aged 18 to 64 will be expanded. The expanded program will reach about 4.5 million Canadians and save them around $800 a year in dental costs. Eligible residents — such as those without insurance and with a family net income of less than $90,000 — can apply in May, with coverage starting in June. Article content Article content SENIORS Article content Carney promised to reduce the minimum amount that must be withdrawn from a registered retirement income fund by 25 per cent for one year, giving seniors more flexibility on when to cash in their savings. The party vowed to increase the guaranteed income supplement by five per cent for one year, giving up to $652 more to low-income seniors, tax-free. Article content Article content Article content NEW JOBS Article content Article content Carney is committed to turning Canada into an energy super power by protecting 70,000 existing energy sector jobs and creating more. Article content The plan is to aggressively develop projects that are in the national interest. That includes kick-starting clean-energy projects, directly supporting critical minerals projects, accelerating extraction from recycling and building an East-West electricity grid. The plan also calls for creating a major project office to move projects through one review and to issue decisions within two years instead of five. Article content The Liberals will make bail laws stricter for people accused of violent and organized crime, and for repeat offenders. They promised to revoke gun licences for people convicted of violent crimes, including intimate partner violence and will 'reinvigorate' the gun-buyback program for 'assault-style' firearms, and recruit 1,000 more RCMP officers. They would make hate-motivated murder, including femicide, a first-degree murder offence and raise penalties for distributing intimate images without consent. Article content
