The Sanctuary of a Home: CMHC releases 2020 Annual Report

Ottawa, May 4, 2021

Canada Mortgage and Housing Corporation (CMHC) today released its 2020 Annual Report, demonstrating its continued contribution to financial stability during a year marked by unprecedented events.

“Now, more than ever, we see that the home is not just a place to live — it is also a sanctuary, a place to feel safe. Everyone deserves that,” said Romy Bowers, President and Chief Executive Officer. We will continue to be there when Canadians need us most. Our aspiration is clear: that by 2030 everyone in Canada has a home that they can afford and that meets their needs. Everything we do — is focused on achieving this aspiration.”

Although the pandemic brought significant uncertainty to the Canadian and global economies, CMHC’s overall 2020 financial results remained strong. Our revenues from commercial activities and government funding totaled $8.0 billion in 2020. This included $5.0 billion in government funding for housing programs, driven primarily by new funding to help deliver Canada’s COVID-19 Economic Response Plan and ongoing funding for the National Housing Strategy. Revenue from our commercial activities, Mortgage Insurance and Mortgage Funding, was $3.0 billion, generating a net income of $1.7 billion.

“Throughout the year, CMHC continued to deliver programs and initiatives, including new measures under the Government of Canada’s COVID-19 Economic Response Plan, and we did so while supporting the stability of Canada’s financial system during a challenging time,” said Lisa Williams, CMHC’s Chief Financial Officer.

Annual Report Highlights as at December 31, 2020:

CMHC promotes stability in the Canadian financial system through mortgage loan insurance and securitization. In 2020, we supported mortgage financing for more than 735,000 homebuyers in Canada.
Through the Rental Construction Financial Initiative (RCFI), we committed funding for the construction of close to 25,000 units in 2020. RCFI provides low-cost insured loans to increase the supply of rental housing.*
We continued to deliver on the National Housing Co-Investment Fund. In 2020, we committed funding for the construction of more than 12,400 new affordable homes and for the repair and renewal of close to 66,000 affordable homes across the country.*
We also delivered the $1 billion Rapid Housing Initiative beginning in September. We committed funding for the creation of more than 3,400 new, permanent affordable homes across the country.
We took a strong stand on anti-racism and equity in 2020, signing the BlackNorth Pledge. We established a task force to lead our anti-racism and equity and created the new position of Chief Equity Officer to guide the development and implementation of an anti-racism and equity strategy.
Reconciliation with First Nations, Inuit and Métis Peoples is also a critical component of our journey to build an equitable workplace. In 2020, we appointed a Vice-President, Indigenous Relations special to oversee a new framework for reconciliation that is being guided by Indigenous people.
We have developed a climate change mitigation strategy and appointed our first-ever Chief Climate Officer in 2020 to guide this company-wide effort, which envisions fundamental changes to our housing and housing finance systems.

* Cumulative units since program launch.

Budget 2021 has confirmed that the Government of Canada will continue to look to CMHC to support Canadians and our economic recovery from the COVID-19 pandemic.

Read the full 2020 Annual Report. You can also consult our business supplements on its Assisted Housing, Mortgage Insurance, Mortgage Funding, and Covered Bonds activities, providing additional insights into each.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry. For more information, follow us on Twitter, YouTube, LinkedIn, Facebook and Instagram.