Crown corporation's offerings helped Canadians purchase more than 73,000 housing units nationwide last year
In its latest annual operational report, the Canada Mortgage and Housing Corporation said that 2021 saw its insurance products help home buyers purchase more than 73,000 housing units nationwide, with over 17% insured in Canada’s rural areas.
“For many Canadians, 2021 was a difficult year. As the pandemic persisted and families continued to rely on the sanctuary of their homes, far too many – especially racialized and Indigenous people – still struggled to find suitable housing they could afford,” the Crown corporation said.
“Others were displaced by extreme climate events. Housing affordability remains a top concern for all Canadians and for the federal government. Throughout this challenging year, CMHC continued to deliver,” it added.
Read more: CMHC research initiative to focus on climate solutions
Revenues from commercial activities and government funding totalled $6.3 billion in 2021, a year that CMHC said was characterized by multiple investments in boosting housing supply across the country.
Revenues from commercial activities, mortgage insurance, and mortgage funding amounted to $2.5 billion, generating net income of $1.8 billion from commercial activities and total net income of $1.9 billion last year.
“It’s a critical time in housing. We recognize that challenges are many, and the environment is complex,” said Romy Bowers, president and CEO of CMHC. “Our impressive results from last year bring us closer to our aspiration of housing affordability for all by 2030, but we still have a long way to go.”
“I want to emphasize that everything we’ve accomplished has been made possible by working with our partners, and we will continue to build on these impactful relationships.”
