CMHC releases results for second quarter of 2026

Ottawa, August 28, 2026

Canada Mortgage and Housing Corporation (CMHC) released its Quarterly Financial Report showing strong second quarter results despite ongoing geopolitical and trade uncertainty.

CMHC continued to deliver on the Canada Mortgage Bond (CMB) increase, announced in Budget 2025, issuing $19 billion in the second quarter of this year. Overall new securities guaranteed reached $62 billion, up from $58 billion the same period in 2025. This supports continued liquidity in Canada’s housing finance system by helping ensure an adequate supply of mortgage funding for financial institutions.

Multi-unit residential insurance activity remained strong with 141,345 units insured during the first two quarters of 2026, up 2.8% from 137,451 during the same period in 2025. This is a result of continued high demand for CMHC’s multi-unit mortgage loan insurance products. Of the total units insured 57,524 units were for new construction, compared to 55,511 units during the same period in 2025.

For the three months ended June 30, 2026, CMHC insured 18,309 transactional homeowner units, an increase of 1% from 18,102 units during the same period in 2025.

Quote:

“CMHC’s second quarter results reflect continued strong demand for the services and products we provide. Our results also highlight CHMC’s role in supporting the stability of Canada’s housing system and the accessibility of mortgage financing for both homebuilders and homebuyers.”
— Michel Tremblay, Chief Financial Officer and Senior Vice-President, Corporate Services

Additional highlights for the three-month period ending June 30, 2026:

The arrears rate for all CMHC insured loans remained stable at 0.33% up slightly from 0.32% at the end of 2025, contributing to low claims paid.
CMHC continues to deliver housing programs and initiatives on behalf of the Government of Canada. Government funding for the first two quarters of 2026 totaled $3.6 billion. That’s an 8% increase over the same period in 2025, driven by programs such as the Co-operative Housing Development Program and the Canada Housing Benefit, which help increase housing supply and improve affordability.

Q2 Highlights	Three months ended June 30, 2026	Three months ended June 30, 2025	Six month ended June 30, 2026	Six months ended June 30, 2025
Net income ($M)	465	419	952	853
Government funding ($M)	681	680	3,606	3,338
New securities guaranteed ($B)	62	58	125	112
Insured volumes (units): Transactional homeowner insurance	18,309	18,102	28,768	28,132
Insured volumes (units): Portfolio insurance	1,568	4,336	8,677	5,083
Insured volumes (units): Multi-unit residential insurance	69,612	82,068	141,345	137,451

Capital management	As at 30 June 2026	As at 31 December 2025
Total Mortgage Insurance capital ($B)	17,942	14,300
Mortgage Insurance capital available to minimum capital required (%)¹	221%	210%
Total Securitization capital available ($B)	1,387	989
Economic capital available to capital required (Securitization) (%)²	162%	139%
Insurance-in-force ($B)	497	471
Guarantees-in-force ($B)	577	573
Canadian residential mortgages with CMHC insurance coverage (%)	20.5%	19.8%
National arrears rate for CMHC-insured mortgages (%)	0.33%	0.32%

The full Quarterly Financial Report is available online.

For more than 80 years, CMHC has been the foundation of Canada’s housing system, promoting stability and sustainability. 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 cooperation 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.