2014 CMHC Annual Report

Marci • May 7, 2015

This morning CMHC released it’s 2014 Annual Report… and they weren’t messing around. This is a comprehensive 130 page document that if you started to read right now, you might finish in time for the release of the 2015 report next year.

Now, just in case you have an appetite for government correspondence like this, I have included the report in it’s entirety below along with the official press release.

Bon appetit!

CMHC Releases Its 2014 Annual Report

OTTAWA, May 7, 2015 — Canada Mortgage and Housing Corporation (CMHC) today released its 2014 Annual Report.

“I’m very proud of what we accomplished in 2014,” said Evan Siddall, President and Chief Executive Officer. “Beginning with a new mission, to help Canadians meet their housing needs, we took steps in all our areas of business to ensure our operations are aligned with CMHC’s refocused approach, and to be a high-performing organization to provide the most value to Canadians.”

In keeping with the Corporation’s focus on housing needs and in support of the Government’s efforts to reduce taxpayer exposure to the housing sector, CMHC made important changes to its mortgage loan insurance and securitization business. This included premium and fee adjustments, changes to policies for low-ratio insurance, and the discontinuation of some products, including mortgage loan insurance for second homes and for the construction of multi-unit condominiums.

In 2014, CMHC’s total net income of $2.6 billion was provided for primarily by mortgage loan insurance and securitization activities. Total insurance-in-force, which represents the aggregate exposure of the mortgage loan insurance activity, stood at $543 billion as at December 31, 2014, down $14 billion from the beginning of the year. Over the past decade, CMHC has provided $21 billion toward improving the government’s fiscal position; $18 billion of this contribution was provided through the mortgage loan insurance activity.

CMHC’s strong underwriting practices and sound mortgage loan insurance portfolio are reflected in the 2014 results. Average credit scores at origination were 731 for transactional homeowner and 760 for portfolio, and the average borrower equity in CMHC’s insurance portfolio has remained stable at 46%. Other key figures show mortgage loan insurance claims paid during the year decreased by 4% from 2013 while the arrears rate remained relatively unchanged at 0.35%.

CMHC follows risk management practices as set out by the Office of the Superintendent of Financial Institutions.

In 2014, CMHC provided $117.6 billion in guarantees through its securitization programs. These guarantees help both small and large lenders access funds for residential mortgage lending, supporting competition in the mortgage market and contributing to the stability of the financial system. In 2014, CMHC also announced increases to its guarantee fees. This is an important step toward further reducing taxpayer exposure to the housing sector and encouraging the development of private market funding options.

The federal government, through CMHC, also provided investments of more than $2 billion for housing in 2014, including funding to support households living in existing social housing on and off reserve, and approximately $302 million in new commitments of affordable housing.

Throughout the year, CMHC worked with provinces and territories to extend bilateral Investment in Affordable Housing agreements to 2019, which included additional funding for Nunavut. From April 2011 to the end of December 2014, 217,772 households are no longer in housing need as a result of this funding.

CMHC provides objective housing research and advice to Canadian governments, consumers and the housing industry. In 2014, it continued to improve the availability of information on the housing market through reports such as CMHC’s Insurance Business Supplement and tools like the Housing Market Information Portal and the House Price Analysis and Assessment Framework.

CMHC’s 2014 Annual Report is available online at www.cmhc.ca/annualreport or by calling 1-800-668-2642.

CMHC helps Canadians meet their housing needs. As Canada’s authority on housing, we contribute to the stability of the housing market and financial system, provide support for Canadians in housing need, and offer objective housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of our operations.

Follow CMHC on Twitter @CMHC_ca

Media inquiries:

Charles Sauriol
CMHC Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca

Annual Report Highlights — CMHC in 2014

Financial Highlights
Total Assets ($M) 248,490
Total Liabilities ($M) 230,308
Total Equity ($M) 18,182
Net Income ($M) 2,625
Assisted Housing
Amount provided by the federal government through CMHC for housing programs ($M) 2,010
Mortgage Loan Insurance
Number of units insured 308,820
Insurance-in-force ($B) 543
Average equity in CMHC’s insured transactional homeowner and portfolio (per cent) 46
Average credit score at origination for CMHC’s transactional homeowner loans insured in 2014 745
Average outstanding loan amount ($) 139,221
Securitization
Total guarantees-in-force ($B) 422
Annual securities guaranteed ($M) 117,643

Share

Bank of Canada Holds Rate at 2.25% — March 18, 2026

By Marci Deane • March 18, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For anyone watching the mortgage market — whether you're renewing, purchasing, or simply keeping an eye on borrowing costs — here's a breakdown of what was announced and what it may mean for you.

Is Now the Right Time to Buy? A Look at Canada's 2026 Housing Market

By Marci Deane • March 17, 2026
For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?

Everything You Should Know Before Buying a Home

By Marci Deane • March 11, 2026
Thinking About Buying a Home? Here’s What to Know Before You Start Whether you're buying your very first home or preparing for your next move, the process can feel overwhelming—especially with so many unknowns. But it doesn’t have to be. With the right guidance and preparation, you can approach your home purchase with clarity and confidence. This article will walk you through a high-level overview of what lenders look for and what you’ll need to consider in the early stages of buying a home. Once you’re ready to move forward with a pre-approval, we’ll dive into the details together. 1. Are You Credit-Ready? One of the first things a lender will evaluate is your credit history. Your credit profile helps determine your risk level—and whether you're likely to repay your mortgage as agreed. To be considered “established,” you’ll need: At least two active credit accounts (like credit cards, loans, or lines of credit) Each with a minimum limit of $2,500 Reporting for at least two years Just as important: your repayment history. Make all your payments on time, every time. A missed payment won’t usually impact your credit unless you’re 30 days or more past due—but even one slip can lower your score. 2. Is Your Income Reliable? Lenders are trusting you with hundreds of thousands of dollars, so they want to be confident that your income is stable enough to support regular mortgage payments. Salaried employees in permanent positions generally have the easiest time qualifying. If you’re self-employed, or your income includes commission, overtime, or bonuses, expect to provide at least two years’ worth of income documentation. The more predictable your income, the easier it is to qualify. 3. What’s Your Down Payment Plan? Every mortgage requires some amount of money upfront. In Canada, the minimum down payment is: 5% on the first $500,000 of the purchase price 10% on the portion above $500,000 20% for homes over $1 million You’ll also need to show proof of at least 1.5% of the purchase price for closing costs (think legal fees, appraisals, and taxes). The best source of a down payment is your own savings, supported by a 90-day history in your bank account. But gifted funds from immediate family and proceeds from a property sale are also acceptable. 4. How Much Can You Actually Afford? There’s a big difference between what you feel you can afford and what you can prove you can afford. Lenders base your approval on verifiable documentation—not assumptions. Your approval amount depends on a variety of factors, including: Income and employment history Existing debts Credit score Down payment amount Property taxes and heating costs for the home All of these factors are used to calculate your debt service ratios—a key indicator of whether your mortgage is affordable. Start Early, Plan Smart Even if you’re months (or more) away from buying, the best time to start planning is now. When you work with an independent mortgage professional, you get access to expert advice at no cost to you. We can: Review your credit profile Help you understand how lenders view your income Guide your down payment planning Determine how much you can qualify to borrow Build a roadmap if your finances need some fine-tuning If you're ready to start mapping out your home buying plan or want to know where you stand today, let’s talk. It would be a pleasure to help you get mortgage-ready.