The Crown corporation has more than $12 billion in capital available
In the first half of the year alone, Canada Mortgage and Housing Corporation has invested nearly $1.16 billion in the construction and support of housing for low- and middle-income households nationwide.
The Crown corporation’s Q2 2019 financial report also indicated that net income was at $773 million, and overall revenues were at $2.5 billion.
CMHC’s mortgage insurance portfolio had $12.2 billion in capital available, which was 197% of the minimum capital required by the applicable regulations. Furthermore, another $2.4 billion in capital is available for the corporation’s mortgage funding business.
All in all, the corporation provided mortgage insurance for more than 59,000 homebuyers and more than 52,000 rental units, for a total of more than 111,000 residences.
“Canada Mortgage and Housing Corporation continued its contributions to the stability of Canada's financial system with the prudent management of our resources and commercial activities,” chief financial officer Lisa Williams stated.
“We continue to lead the delivery of the National Housing Strategy and work towards our goal of every person in Canada having a home they can afford and meets their needs.”
Overall arrears rate was at 0.29%. During the second quarter, CMHC-insured borrowers had, on average, credit scores of 755 and equity of 7.4%. The average price of their purchases was $272,013.
