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Canada Mortgage and Housing Corporation (CMHC) released its Quarterly Financial Report for Q3 2025 which shows demand for transactional homeowner mortgage insurance continued to increase.
CMHC’s transactional homeowner mortgage insurance continues to show strong growth, with 19,642 units insured during the three-month period ending September 30, up from 13,749 units during the same three-month period in 2024, a 43% increase. This is partly due to new mortgage rules permitting 30-year amortizations on insured mortgages, and to declining interest rates.
CMHC also continues to see strong demand for its multi-unit mortgage insurance products with 60,122 multi-unit residential units insured in the three-month period ending September 30, 2025, as homebuilders continue to turn to CMHC’s multi-unit insurance products to build new and maintain existing rental supply. In total, CMHC insured 197,573 units through its multi-unit insurance products in the first three quarters of 2025.
The recent federal budget announced the Canada Mortgage Bonds (CMB) annual limit is being increased from $60 billion to up to $80 billion. This change is expected to provide greater stability for lenders, thereby unlocking more low-cost financing for multi-unit housing.
Quote:
“We are pleased to see the momentum for our commercial products continue to grow as CMHC delivers on market housing, helping an increasing number Canadians purchase homes. We also continue to facilitate an increase in rental supply through strong demand for our multi-unit insurance products. We remain committed to delivering on key Government initiatives and working with our many partners, including the newly created Build Canada Homes, to help address the housing crisis.”
Additional highlights for the three-month period ending September 30, 2025:
- Arrears for mortgages insured by CMHC remain low at 0.32%, resulting in low levels of claims paid. The arrears rate increased slightly, up from 0.30% in the same quarter last year, but remains below historical trends.
- Resale market MLS® home prices averaged $675,000 in the first nine months of 2025, down one percent from the same period in 2024. MLS® sales averaged 464,000 SAAR (seasonally adjusted annual rate) units in Q3, nearly unchanged from the same period in 2024. New home construction remained strong especially for rentals units.
- A top-up of $1.5 billion in loans for the Affordable Housing Fund’s New Construction Stream, delivered by CMHC, was announced in September. This will support the creation of more than 5,000 new units.
- CMHC continued to deliver on housing programs such as the Housing Accelerator Fund (HAF). Government funding and housing programs expenses increased compared to the same nine-month period in 2024, mainly driven by an increase of $449 million for HAF and $82 million for the Canada Greener Affordable Housing program (CGAH). These increases are partially offset by decreases of $108 million for the Affordable Housing Fund and $55 million for the Affordable Housing Innovation Fund (AHIF). Due to the nature of many housing programs, funding patterns may vary significantly each year.
| Q3 Highlights | Three months ended 30 September 2025 | Year-to-date September 30, 2025 |
|---|---|---|
| Net income ($M) | 493 | 1,346 |
| Government funding ($M) | 575 | 3,913 |
| New securities guaranteed: National Housing Act Mortgage-Backed Securities ($B) | 47 | 129 |
| New securities guaranteed: Canada Mortgage Bonds ($B) | 16 | 46 |
| Insured volumes (units): Transactional homeowner insurance | 19,642 | 47,774 |
| Insured volumes (units): Portfolio insurance | 3,194 | 8,277 |
| Insured volumes (units): Multi-unit residential insurance | 60,122 | 197,573 |
| Capital management | As at 30 September 2025 |
|---|---|
| Total Mortgage Insurance capital ($B) | 12.3 |
| Mortgage Insurance capital available to minimum capital required (%) | 191% |
| Total Securitization capital available ($B) | 2.6 |
| Economic capital availableto capital required (Securitization) (%) | 161% |
| Insurance-in-force ($B) | 462 |
| Guarantees-in-force ($B) | 577 |
| Canadian residential mortgages with CMHC insurance coverage (%) | 20.0% |
| National arrears rate for CMHC-insured mortgages (%) | 0.32% |
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. CMHC’s 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 co-operation between all levels of government, private and non-profit sectors, CMHC 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.
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For more information contact:
CMHC Media Relations
media@cmhc-schl.gc.ca
