Monitor our most recent coronavirus (COVID-19) updates.

Skip to content
CMHC Logo Canada Mortgage
and Housing Corporation
  • Sign In or Register
  • FRANÇAIS
  •  MENU
 MENU
× FRANÇAIS
  • Home
  • Professionals
    • Project funding and mortgage financing
      • Funding programs
        • New construction
        • Renovation, repair and renewal
        • Innovation and research
        • Community (social) housing
        • Funding for Indigenous housing
        • National Housing Strategy Project Profiles
      • Mortgage loan insurance
        • Homeowner and small rental mortgage loan insurance
        • Multi-unit mortgage loan insurance
        • Default, claims and properties for sale
        • Underwriting centre
        • emili
        • NHA approved lenders
        • Calculating GDS / TDS
        • Mortgage fraud
        • Contact mortgage loan insurance
        • Insured mortgage purchase program (IMPP)
        • COVID-19: CECRA for small businesses
      • Securitization
        • NHA Mortgage Backed Securities
        • Canada Mortgage Bonds
        • Canadian registered covered bonds
        • Blockchain in the housing industry
    • Housing markets, data and research
      • Housing markets
        • CMHC Reports Calendar
        • Housing market reports
        • Mortgage market and consumer reports
        • Rental Market Report
        • Housing Market Information Portal
        • CMHC Library
        • Housing in Canada Online (HiCO)
      • Housing research
        • Housing research reports
        • Housing surveys
        • Research awards and scholarships
        • Understanding core housing need
        • CMHC Library
        • Housing market information portal
        • Housing in Canada Online (HiCO)
        • Collaborative Housing Research Network
      • Housing data
        • Data tables
          • Mortgage and Debt Data
        • CMHC Library
        • Housing in Canada Online (HiCO)
        • CMHC licence agreement for the use of data
        • Housing market information portal
    • Industry innovation and leadership
      • Housing innovation
      • Partnerships
      • Industry collaboration
      • Industry expertise
        • Affordable housing
        • Indigenous housing
        • Senior housing
        • Accessible and adaptable housing
        • Developing sustainable housing
        • Resources for mortgage professionals
        • CMHC e-newsletters
    • Events and speakers
      • Conferences
      • Speakers’ bureau
  • Consumers
    • Buying a home
      • Homebuying calculators
        • Mortgage calculator
        • Affordability calculator
        • Debt service calculator
      • Buying guides
        • Homebuying step by step
        • CMHC's condominium buyer's guide
      • Mortgage loan insurance for consumers
        • What is CMHC mortgage loan insurance?
        • Do I qualify for mortgage loan insurance?
        • CMHC mortgage loan insurance costs
        • CMHC Green Home
        • CMHC — home renovation financing options
        • FAQs — mortgage loan insurance
        • COVID-19: understanding mortgage payment deferral
      • First-time home buyer incentive
      • Incentives for homebuyers
      • Newcomers
    • Owning a home
      • Manage your mortgage
        • Mortgage fraud
        • Mortgage planning tips
        • Plan and manage your mortgage
        • Your credit report
        • Your home value
      • Aging in place
        • Housing options for Seniors
        • Housing and finance tips
        • Mortgage financing options for people 55+
        • Preventing fraud and financial abuse
    • Renting a home
      • I want to rent
        • Things to consider before renting
        • Types of housing for rent in Canada
        • Finding or advertising a rental property
        • Visiting the rental property
        • Lease and rental agreements
        • Signing the lease
        • Credit checks and bad credit
        • Rental payments and deposits
        • Roommates and pets
      • I am renting
        • Moving day
        • Landlord/Tenant responsibilities
        • Inspections
        • Maintenance and repairs
        • Complaints and evictions
        • Rent increases
        • When you can't pay rent
        • Renewing or terminating the lease
        • Moving out
      • COVID-19: eviction bans and suspensions to support renters
  • About CMHC
    • CMHC’s Story
    • Management and governance
      • Speakers’ bureau
      • Annual public meeting
      • Board of directors and committees
      • Our management committee
      • Pension governance
        • Pension overview
        • Key roles and responsibilities
        • Annual reports
    • Corporate reporting
      • CMHC annual report
      • Program evaluation
      • Quarterly financial reports
      • Joint auditors special examination report to CMHC board 2018
      • CMHC’s Insured Mortgage Deferral
      • Summary of the corporate plan
      • Transparency
        • Access to information and privacy protection
        • Briefing materials
        • Procurement
        • Travel, hospitality and conference expenditures
    • Contact us
      • CMHC departments
        • Connect with a housing solutions specialist – multi-unit
        • Contact mortgage loan insurance
      • Granville lsland
      • Media relations
      • National office
      • Regional offices
      • Holiday service hours
    • Careers
  • Media Newsroom
    • Coronavirus (COVID-19) updates
    • Media relations
  • National Housing Strategy
    • What is the strategy?
      • About the initiatives
      • How to apply
      • Help and resources
      • Priority areas for action
      • Glossary
    • Federal/Provincial/Territorial housing agreements
    • Other funding and financing opportunities
  • The Housing Observer
  • Careers
  • CMHC Library
 
  • Home
  • Professionals
  • Project funding and mortgage financing
  • Securitization
  • NHA Mortgage Backed Securities
  • Annual Limits and Guarantee Fees
  • Save page to My Folder
    Save
  • Share this page
    Share

Annual Limits and Guarantee Fees

Limits for new guarantees of market NHA MBS and Canada Mortgage Bonds.

Save Icon

SAVE TO MY FOLDER

Annual Limits and Guarantee Fees

SAVE
Close this Window   |   Manage my Folder
Save Icon

SAVE TO MY FOLDER

Annual Limits and Guarantee Fees

Done Done!
Close this Window   |   Manage my Folder
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • Twitter
  • print
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • Twitter
  • print
share icon

Mail-blue Share via Email

Did You Know?

You can include an email signature?

Register | Sign In

×
Google Captcha Loader
share icon

Mail-blue Share via Email

Done Done!
Close this window

CMHC’s securitization programs support financial stability by providing lenders with reliable mortgage funding throughout the business cycle.

Limits on the amount of new guarantees are set annually by the Minister of Finance and are an important oversight mechanism to manage housing market risks and the Government’s exposure to the housing sector. These limits are separate and distinct from the $750 billion limit on mortgage insurance-in-force, which has been increased by $150 billion in support of the federal government’s response to financial market pressures related to the COVID-19 pandemic and will be in effect up to and including March 24, 2025. The limit on mortgage insurance-in-force will revert back to $600 billion effective March 25, 2025.

Annual Limits for 2021

For 2021, the Minister of Finance has authorized CMHC to provide up to $150 billion of new guarantees of market NHA MBS and up to $40 billion of new guarantees for CMB. This limit excludes NHA MBS issuance as reinvestment assets for CMB series issued before June 30, 2016.

Canadian lenders continue to benefit from access to diverse and stable funding options, including deposits from customers, capital markets such as CMHC-sponsored securitization, the Canadian Covered Bond Program and other corporate debt.

Guarantee Fees

CMHC guarantees the timely payment of interest and principal for NHA MBS enabling approved financial institutions to pool eligible mortgages into marketable securities that can be sold to investors. CMHC charges issuers a fee to compensate for the guarantee it provides.

In support of the federal government’s response to financial market pressures related to the COVID-19 pandemic, CMHC postponed the planned changes to the NHA MBS guarantee fees that were scheduled to become effective on July 1, 2020. The guarantee fee changes communicated in Advice 7 – Update to the NHA MBS Guarantee Fees and 2020 Limit for New Guarantees of Market NHA MBS take effect on January 1, 2021 and apply to NHA MBS guaranteed on or after that date.

On or after January 1, 2021, guarantee fees are as follows:

Term of NHA MBS On or after January 1, 2021
Affordability-linked Pools Other NHA MBS Pools
Fee Payable NHA MBS Guarantees <= $9B* Fee Payable NHA MBS Guarantees > $9B*
1 month to 6 months 0.05% 0.08% 0.22%
7 months to 1 year 6 months 0.10% 0.17% 0.46%
1 year 7 months to 2 years 6 months 0.15% 0.25% 0.70%
2 years 7 months to 3 years 6 months 0.21% 0.35% 0.98%
3 years 7 months to 4 years 6 months 0.26% 0.43% 1.19%
4 years 7 months to 5 years 6 months 0.30% 0.50% 1.40%
5 years 7 months to 6 years 6 months 0.35% 0.58% 1.61%
6 years 7 months to 7 years 6 months 0.39% 0.65% 1.82%
7 years 7 months to 8 years 6 months 0.44% 0.73% 2.03%
8 years 7 months to 9 years 6 months 0.48% 0.80% 2.24%
9 years 7 months to 10 years 6 months 0.53% 0.88% 2.45%
10 years 7 months to 11 years 6 months 0.56% 0.93% 2.59%
11 years 7 months to 12 years 6 months 0.59% 0.98% 2.73%
12 years 7 months to 13 years 6 months 0.62% 1.03% 2.87%
13 years 7 months to 14 years 6 months 0.65% 1.08% 3.01%
Above 14 years 6 months 0.68% 1.13% 3.15%

Affordability-linked pools include social housing pools and multi-family pools with a minimum 20% of the issued amount represented by eligible multi-family loans insured under the CMHC Affordability Mortgage Loan Insurance (MLI) Flex product.

Affordability-linked pools guaranteed on or after January 1, 2021 will be excluded from an issuer’s annual NHA MBS guarantees when assessing against the annual guarantee threshold of $9 billion for higher tier pricing.

Was this page relevant to your needs?

Thank you for your feedback!

Sorry to hear that! Can you tell us about the problem?

Google Captcha Loader

For further assistance, pleasecontact us

ThanksYour feedback has been submitted.

Date Published: December 23, 2020
By Topic
  • Professionals
  • Project funding and mortgage financing
  • Housing markets data and research
  • Industry innovation and leadership
  • Events and speakers
  • Consumers
  • Home buying
  • Owning a home
  • Renting a home
About Us
  • CMHC's Story
  • Management and Governance
  • Partnerships
  • Corporate Reporting
  • Contact Us
  • Careers
More
  • CMHC e-Newsletters
  • CMHC Library
  • Housing Observer Online
  • Media Newsroom
  • CMHC on Twitter
  • CMHC on LinkedIn
  • CMHC on Facebook
  • CMHC on Instagram
  • CMHC on YouTube
Privacy Policy    |    Terms and Conditions    |    Transparency     Canada Mortgage and Housing Corporation (CMHC) ©2021 
Canada
loader icon