Canada Mortgage and Housing Corporation (CMHC) and its role in Canada’s housing market

Canada Mortgage and Housing Corporation (CMHC) is a crown corporation established in 1946 to help Canadians access affordable housing. Today, CMHC is Canada’s national housing agency and plays a critical role in the country’s housing market.

Who They Are:

CMHC is a federal agency that provides housing-related services and support to Canadians. They are responsible for administering the National Housing Strategy, a 10-year, $55 billion plan to address Canada’s housing affordability crisis. CMHC also provides mortgage insurance, housing research and data, and financial assistance to help Canadians access affordable housing.

What They Do:

CMHC’s primary mandate is to ensure that Canadians have access to safe and affordable housing. To achieve this goal, CMHC provides a range of services and support, including:

• Mortgage loan insurance: CMHC provides mortgage loan insurance to help Canadians purchase homes with a down payment of less than 20% of the purchase price. This insurance protects lenders against default and enables more Canadians to access homeownership.
• Affordable housing funding: CMHC provides financial assistance to support the construction and renovation of affordable housing across the country. This includes support for non-profit and cooperative housing, as well as funding for affordable housing initiatives in Indigenous communities.
• Housing research and data: CMHC conducts research and collects data on housing markets and trends across the country. This information is used to inform policy decisions and support the development of new housing programs and initiatives.
• Housing policy development: CMHC plays a key role in the development of national housing policy, working with governments and stakeholders to identify and address housing challenges across the country.

Their History:

CMHC was established in 1946 as the Central Mortgage and Housing Corporation, with the goal of helping returning war veterans access affordable housing. Over the years, CMHC’s mandate has expanded to address a range of housing issues, including affordability, accessibility, and sustainability. Today, CMHC is a key player in Canada’s housing market, working to ensure that all Canadians have access to safe, affordable housing.

Canada Mortgage and Housing Corporation (CMHC) is a critical player in Canada’s housing market, providing mortgage insurance, affordable housing funding, research and data, and policy development support to Canadians. With a mandate to ensure that all Canadians have access to safe and affordable housing, CMHC plays a vital role in the country’s housing ecosystem. If you need help with a high ratio mortgage it is best to speak with a mortgage broker who can explain what is involved and the associated costs.