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2010 Annual Report Highlights CMHC’s Role at the Heart of Housing

OTTAWA, Ontario, July 21, 2011 — Canada Mortgage and Housing Corporation (CMHC) released its 2010 Annual Report today, highlighting the Corporation’s role at the heart of housing in Canada and outlining its strong focus on public accountability  and responsible risk management.

Since 1946, CMHC has been at the heart of federal housing policies which have shaped Canada’s housing system — a system where the vast majority of Canadians are able to access high-quality housing without direct assistance.

“CMHC’s Annual Report provides a comprehensive examination of the Corporation’s performance in 2010, including key information on the quality of CMHC’s mortgage insurance portfolio,” said Karen Kinsley, President and Chief Executive Officer of CMHC. “It demonstrates that CMHC continues to be instrumental in implementing federal housing policy by assisting Canadians in need and helping to make housing markets efficient and sustainable.”

In 2010, the Government of Canada, through CMHC, invested more than $3 billion, often in partnership with provinces, territories, the not-for-profit sector and other stakeholders in the construction of new and rehabilitation of existing social housing. All social housing investments under Canada’s Economic Action Plan administered by CMHC have been fully committed, well in advance of the March 31, 2011 deadline. Examples drawn from thousands of projects that have benefitted Canadians in need are showcased in the Annual Report.

CMHC has also played a role in ensuring the stability and efficiency of Canada’s housing finance system by managing its mortgage loan insurance and securitization guarantee programs in a responsible, commercially-viable manner, at no cost to Canadian taxpayers. These programs have helped ensure that qualified borrowers have been able to access affordable housing finance in good and in bad economic times.

The 2010 Annual Report details the quality of CMHC’s loan insurance portfolio that accounted for most of CMHC’s net income of $1.768 billion and which contributed to reducing the Government of Canada’s annual deficit. As well, it shows that CMHC maintains twice the minimum capital required by the Office of the Superintendent of Financial Institutions to guard against possible adverse events.

CMHC’s 2010 Annual Report, entitled At the Heart of Housing, is available online at or by calling 1-800-668-2642. As Canada’s national housing agency, CMHC draws on over 65 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country.

Media inquiries:

Charles Sauriol
Senior Media Relations Officer

Annual Report Key Statistics — CMHC in 2010

Financial Highlights
Total assets ($M) 293,218
Total Liabilities ($M) 281,783
Total Revenues ($M) 14,916
Retained Earnings ($M) 1,892
Consolidated Net Income ($M) 1,768
Income taxes ($M) 654
Canada’s Economic Action Plan
Number of projects from more than $2 billion in social housing investments over two years more than 12,000
Value of loans to municipalities for housing-related infrastructure ($M) over $1,500
Assisted Housing
Number of Canadian households assisted through ongoing federal investments of $1.7 billion in existing social housing 613,500
Number of new affordable housing units created 5,040
Number of units renovated (off-reserve) 16,875
Number of units facilitated by Affordable Housing Centre 2,873
Aboriginal Housing
Number of new units committed on-reserve 766
Number of units renovated on-reserve 1,283
Per cent of housing programs and services delivered by First Nations or Aboriginal organizations 91
Market-based on-reserve units facilitated 182
Mortgage Loan Insurance
Number of housing units insured 643,391
Amount of equity in their homes, on average, of homeowners with CMHC-insured mortgages (per cent) 44
Average amortization period for all CMHC-insured homeowner loans at initiation (years) 24
Per cent of insured loans for products and/or areas not served or well served by the private sector 43.9
Annual securities guaranteed ($M) 95,069
Per cent of residential mortgages securitized 27
CMHC International
Value of CMHC-facilitated sales reported by housing export clients  ($M) $103.3

News source: Canada Mortgage and Housing Corporation (CMHC)


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