Reflecting on a year of challenges and progress in Canada’s housing

In 2023, Canada faced significant hurdles tackling its housing crisis. Despite these challenges, CMHC continued to prove it’s a company that Canadians can count on. CMHC’s 2023 Annual Report shows that we’re making strong progress on our objectives, and we’re well positioned to continue to make a difference for Canadians in 2024.

“Rising interest rates to tame inflation and labour shortages hindered the country’s ability to create much needed housing supply,” says Michel Tremblay, acting president and chief executive officer for CMHC. “Yet, even in these challenging times, we met our ambitious goals for 2023. This is the result of great work from our leadership and dedicated, expert staff — and the laser focus we gave to our 3 pillars of work.”

CMHC's strategic focus in 2023 revolved around 3 core pillars

CMHC’s 2023 accomplishments are the outcome of exceptional efforts from our leadership and committed, skilled staff. It reflects our unwavering dedication to 3 core pillars that will continue to steer our strategy into the future.

1. Deliver Commercial Solutions: We met a high demand for MLI Select, a key component of our multi-unit mortgage loan insurance products. We expanded financing options for purpose-built rentals by utilizing Canada Mortgage Bonds. CMHC-insured loans chiefly funded crucial construction of purpose-built rental apartments across the country.
2. Build for the Future: We conveyed the extent of the country's housing shortage — an additional 3.5 million homes beyond current projections to restore affordability — through our research. This discovery raised awareness among government, private, and non-profit sectors about the necessary actions to tackle the ongoing housing affordability crisis.
3. Delivering Government Programs and Priorities: We made progress on delivering federal government priorities for Canadians. Major strides were made towards achieving the targets set out in the National Housing Strategy, even amidst trying economic circumstances. Working with 15 cities and the Province of Québec, we finalized agreements for the Housing Accelerator Fund, facilitating expedited housing construction efforts at the local level.

Derek Ballantyne, CMHC's board chair from 2018 to 2024, acknowledged the crucial role of CMHC's research efforts and commercial undertakings in bolstering the stability and liquidity of the housing system. He also commended Romy Bowers, former president and chief executive officer of CMHC, for her significant contributions that have left a lasting impact on the organization.

“CMHC’s industry-leading research work is giving us all a clearer picture, and guiding decision makers toward nuanced solutions.” He went on to say, “Meanwhile, CMHC’s commercial operations — which are separate from government programming but provide revenue into federal coffers — continue to provide stability and liquidity to Canada’s housing system.”

The comprehensive insights and achievements detailed in the Annual Report underscore the organization's pivotal role in shaping Canada's housing landscape.

Download the Annual Report for all of insights and accomplishments from 2023.

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