CMHC releases results for Q1 2025

Ottawa, May 30, 2025

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.

Quote:

“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.