CMHC’s 2025 Annual Report and advancing Canada’s housing system

Canada’s housing system continued to evolve in 2025, shaped by strong demand, regional supply conditions and changing economic factors. Canada Mortgage and Housing Corporation (CMHC) supported housing outcomes across the country through financing tools, housing programs and research that informed decision-making.

Our 2025 Annual Report highlights CMHC’s work, results and the housing conditions experienced over the past year, showing how collaboration and investment are helping to ensure stability and improve housing supply for Canadians.

A year shaped by housing pressure and economic change

Housing demand remained strong across Canada in 2025, particularly in urban centres where rental demand continued to grow. Housing conditions varied by region. Some markets experienced tight supply and ongoing affordability pressures, while others moved toward more balanced conditions.

Across the country, efforts focused on:

• increasing housing supply
• improving access to housing
• supporting long-term housing system stability

CMHC supported these outcomes through housing finance solutions, delivery of federal housing programs and housing research and data.

Housing finance tools supported construction and stability

Housing finance tools continued to support both housing development and market stability across Canada.

Key outcomes included:

• more than 261,000 multi-unit rental homes supported 
• approximately 64,000 homeowner units supported 
• 11,500 units supported through portfolio insurance programs 

Multi-unit housing represented a significant share of new supply supported through CMHC-linked financing.

Program investments supporting housing in Canada

In 2025, CMHC delivered major investments to expand rental housing supply, improve affordability and strengthen housing programs nationwide.

• $29B through the Apartment Construction Loan Program supporting 74,500+ rental homes.
• $14B through the Affordable Housing Fund creating 57,000 homes and repairing 174,000 community units.
• $3.1B through the Canada Greener Homes Loan Program delivering 131,000 loans for energy-efficient housing upgrades.
• $1.21B through the Co-op Housing Development Program creating 2,700+ co-operative homes.

These investments expanded housing supply, improved existing housing conditions and increased access to sustainable and community-based housing options.

Housing research supported evidence-based decisions

Housing research and data remained essential to planning and investment decisions across Canada’s housing system.

In 2025, CMHC analysis focused on:

• housing supply gaps in major cities
• affordability trends across Canada
• construction cost pressures
• long-term housing demand patterns

The publication, Housing shortages in Canada, highlighted areas facing the greatest supply constraints and supported evidence-based housing planning.

Financial performance remained stable

CMHC’s financial performance in 2025 supported continued delivery of housing programs and financing tools.

Financial highlights

• 22% increase in total income before taxes
• 33% increase in insurance revenue
• 14% increase in investment income
• 7% decrease in operating expenses

Insurance-related expenses increased due to updated financial assumptions and liability adjustments.

Economic conditions shaped housing activity

Canada’s economy grew at a moderate pace in 2025, influencing affordability, construction activity and borrowing conditions.

Economic conditions continued to shape housing demand and development decisions nationwide.

Coordinated action supported housing outcomes

Progress across Canada’s housing system was supported through collaboration among federal, provincial, territorial, municipal and sector partners.

CMHC worked with Housing, Infrastructure and Communities Canada and Build Canada Homes, and industry and community organizations to advance shared priorities:

• increasing housing supply across all tenures
• supporting affordability and accessibility
• strengthening housing finance systems
• improving access to housing data and evidence

CMHC’s role as it moves toward its 80th year

CMHC entered its 80th year of service in 2026, continuing to evolve alongside Canada’s changing housing needs. Our future priorities include:

• expanding housing supply across Canada
• strengthening housing finance system resilience
• supporting evidence-based housing decisions
• advancing collaboration across housing partners

Housing affordability and supply are expected to remain key national priorities in the years ahead.

Watch CMHC’s Annual Public Meeting

Explore additional insights into CMHC’s work and results by watching CMHC’s Annual Public Meeting.

Watch the meeting

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