CMHC releases results for third quarter 2021

OTTAWA, ON, Nov. 29, 2021 /CNW/ – Improved economic stability has led to less volatility in third quarter results for Canada Mortgage and Housing Corporation (CMHC), as indicated in the Q3, 2021 financial report released today.  

The related policy responses by all levels of government, from CMHC and the mortgage insurance industry combined have limited the impacts and supported the recovery from the COVID-19 pandemic.

“We were well-prepared for potential economic impacts brought on by COVID-19, and overall, these have not been as harsh as anticipated,” said Michel Tremblay, CMHC’s Chief Financial Officer and Senior Vice-President, Corporate Services. “However house prices have continued to climb in 2021 in most regions in Canada, and high levels of uncertainty remain for the market, which can have ripple effect on all types of housing”.

Additional quarterly report highlights for three-month period ending September 30, 2021:  

  • Effective July 5, 2021, we returned to our pre-July 2020 underwriting practices for our homeowner mortgage loan insurance. Last year, in response to the economic uncertainty driven by the COVID-19 pandemic, we implemented temporary changes to our underwriting practices for mortgage loan insurance in order to help protect homebuyers, reduce risk and support the stability of housing markets.

  • Mortgage deferral arrangements to help Canadians through economic hardship brought on by the pandemic formally ceased on 30 September 2020. As loans that were in deferral did not materialize into paid claims as originally expected and our arrears rate has remained low, we further reduced our provision for claims in the third quarter.

  • Our overall arrears rate has decreased since the previous quarter from 0.31% to 0.29% as at September 30. The total number of delinquent loans dropped from 5,452 units at the end of Q2 to 4,999 at the end of Q3.

  • During the three-month period ending on September 30, we insured 57,808 units including 33,628 multi-unit residential units. Homeowner transactional and portfolio volumes were at 19,570 and 4,610 units, respectively.

CMHC has also published business supplements on its Mortgage Insurance, Mortgage Funding and Covered Bonds activities, providing additional depth and insights on each. We also report quarterly on the progress on the National Housing Strategy online

Q3 Highlights

Three months
ended 30
September 2021

Net income ($M) 


Government funding for housing programs ($M) 


New securities guaranteed ($B)  


Insured volumes (units): Transactional homeowner


Insured volumes (units): Portfolio  


Insured volumes (units): Multi-unit residential 


Capital management 

As at 30 September

Total Mortgage Insurance capital ($B) 


Mortgage Insurance capital available to
minimum capital required (%) 


Total Mortgage Funding capital available ($B) 


Mortgage Funding capital available
to capital required (%) 


Insurance-in-force ($B)


Canadian residential mortgages with CMHC
insurance coverage (%)


National mortgage arrears rate (%)


CMHC supports the housing market and financial system stability by providing support for Canadians in housing need, and by offering housing research and advice to all orders of Canadian government, consumers and the housing industry. For more information, follow us on TwitterYouTubeLinkedInFacebook and Instagram

SOURCE Canada Mortgage and Housing Corporation

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