Latest news with #MLISelect
Cision Canada
17 hours ago
- Business
- Cision Canada
CMHC Releases Annual Report for 2024 Français
OTTAWA, ON, June 20, 2025 /CNW/ - Canada Mortgage and Housing Corporation (CMHC) today released its 2024 Annual Report demonstrating that Canadians can continue to count on CMHC as a stabilizing economic entity with a key role in bringing about housing solutions and hundreds of thousands of additional homes for Canadians. 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 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.
Cision Canada
30-05-2025
- Business
- Cision Canada
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.
Yahoo
30-05-2025
- Business
- Yahoo
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: 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 $85 million for the Affordable Housing Fund. Due to the nature of many housing programs, funding patterns may vary significantly year over year. Q1 Highlights Three months ended March 31, 2025 Net income ($M) 434 Government funding ($M) 2,658 New securities guaranteed ($B) 54 New securities guaranteed: National Housing Act Mortgage-Backed Securities (NHA MBS) ($B) 38 New Securities Guaranteed: Canada Mortgage Bonds ($B) 16 Insured volumes (units): Transactional homeowner insurance 10,030 Insured volumes (units): Portfolio insurance 747 Insured volumes (units): Multi-unit residential insurance 55,383 Capital Management As at 31 March 2025 Total Mortgage Insurance capital ($B) 11.4 Mortgage Insurance capital available to minimum capital required (%) 193 % Total Mortgage Funding capital available ($B) 1.5 Economic capital available to capital required (Mortgage Funding) (%) 109 % Insurance-in-force ($B) 442 Guarantees-in-force ($B) 561 Canadian residential mortgages with CMHC insurance coverage (%) 19.6 % National arrears rate for CMHC-insured mortgages (%) 0.30 % 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) View original content to download multimedia: Sign in to access your portfolio
Cision Canada
08-05-2025
- Business
- Cision Canada
Hazelview Investments Secures One of the Largest CMHC Loans to Deliver 856 Purpose-Built Rental Homes in Toronto's West End
TORONTO, May 8, 2025 /CNW/ - Hazelview Investments has secured one of the largest CMHC-insured loans ever issued under the MLI Select program. The funding will advance the development of 856 new purpose-built rental homes in one of Toronto's most ambitious and community-oriented master-planned sites, located at the intersection of Bloor St. West and Dufferin Ave. Financing for this construction loan was provided by First National Financial LP. This financing reflects Hazelview's disciplined approach to capital structuring. By aligning our development strategy with housing priorities at every level, we are able to access high-quality financing solutions that enhance project performance and reduce long-term risk. This CMHC-insured loan is a clear example of how thoughtful engagement with government programs can unlock value for both investors and communities. "Securing this financing reflects our belief that doing the right thing for communities also delivers long-term value for investors," said Michael Williams, Head of Development at Hazelview Investments. "The scale and structure of this loan allow us to move forward confidently with a project that meets high standards for livability, sustainability, and financial performance." Exceeding MLI Select Requirements Hazelview's application to CMHC qualified under both the energy efficiency and accessibility categories of the MLI Select program. The development surpassed baseline requirements, resulting in a total of 120 points, above the program's maximum benefits threshold. Energy Efficiency The project earned the full 100-point energy efficiency incentive by achieving ~40 percent improvement over the National Energy Code for Buildings (2017), driving meaningful reductions in both energy consumption and greenhouse gas emissions, while also providing enhanced indoor comfort, better air quality, and reduced utility costs for future residents. Accessibility Hazelview achieved an additional 20 points through Rick Hansen Foundation Level 1 certification. The building complies with CSA B651:23, meaning all homes are 100 percent visitable and all common areas are barrier-free. A share of units will meet full accessibility standards under the Rick Hansen framework. These features offer meaningful benefits to residents, including those with permanent or temporary disabilities, older adults, and families with young children. The design enables safe, independent movement throughout the building and supports more inclusive urban living. Designed as a Complete Community The overall project is part of a broader vision to deliver long-term community value. A historic $79.8 million community benefits package is included as part of the development of this site, including a $12.5 million cash contribution to establish land trusts that will acquire affordable housing. The community benefits package includes: a new City-owned community hub and daycare on the first two floors of the former Kent School building an 8-storey building with 56 purpose-built units to be conveyed to the City, exclusively for public affordable rental housing a new bus-accessible public road that prioritizes the safe and convenient transportation for students and visitors alike a new public park an underground pedestrian connection to the Dufferin TTC subway station Each of these elements was designed with the surrounding neighbourhood in mind. By integrating housing, amenities, and infrastructure into one connected plan, Hazelview is contributing to the long-term social and economic health of the area. "Bloor Street is one of those centrepieces of Toronto. It's a historic street that defines the east-west spine of the city. Hazelview's vision for this landmark corner of Bloor St. W and Dufferin Ave., helps raise the standard for apartment living in our city, one that we have yet to see at this quality and scale. They are helping create a true vertical neighbourhood, that is accessible, sustainable, and family-oriented. It's the kind of multi-unit housing Toronto needs very badly, and we are thrilled that we were able to help support that vision," says Barry Gidney, AVP, Commercial, First National Financial LP. Hazelview's integrated investment and development platform allows us to execute large-scale projects with alignment from concept through operations. With over two decades of experience and a deep understanding of local markets, we continue to invest with discipline, insight, and an ownership mindset. For more information, visit: Bloor & Dufferin – Hazelview. About Hazelview: Hazelview is a global real estate investment, development, and property management firm. Since 1999, Hazelview has delivered strong, risk-adjusted returns across all market cycles by taking an ownership-driven approach and leveraging deep local and global market insights. The firm invests in both private and public real estate markets through its strategically integrated platform. With a focus on purpose-built rental communities, Hazelview develops and manages high-quality residential properties that prioritize resident wellbeing and fosters community connection. To learn more, visit and
