CMHC releases results for first quarter of 2026

Canada NewsWire

OTTAWA, ON, May 29, 2026

OTTAWA, ON, May 29, 2026 /CNW/ - Canada Mortgage and Housing Corporation (CMHC) today released its Quarterly Financial Report, showing solid first quarter results and highlighting its role in supporting stability in Canada's housing finance system during ongoing economic uncertainty and trade tensions.

For the three months ended March 31, 2026, CMHC insured 10,459 transactional homeowner units, a slight increase over last year, mainly due to increased housing market activity in Quebec, Alberta and Ontario.

Multi-unit residential insurance activity remained strong, with 71,733 units insured, up 30% from 55,383 in Q1 2025 underscoring the continued demand for CMHC's multi-unit mortgage loan insurance products. Of the total units insured, 26,294 units were for new construction, compared to 27,447 units in Q1 2025.

Executing on the Canada Mortgage Bond (CMB) increase announced in the Budget 2025, CMHC issued $20.5 billion. Overall, new securities guaranteed reached $63 billion, up from $54 billion in Q1 2025, supporting continued liquidity in Canada's housing finance system.

"Despite a more uncertain economic environment, CMHC's first quarter results reflect the strength of our core businesses. We will continue to closely monitor economic conditions while supporting the stability and accessibility of Canada's housing system." – Michel Tremblay, Chief Financial Officer and Senior Vice-President, Corporate Services

Additional highlights for the three-month period ending March 31, 2026:

The arrears rate for all CMHC insured loans remained low at 0.33%, up slightly from 0.30% in the same quarter last year and still below historical averages, contributing to low claims paid.

MLS^® home prices averaged $660,000, down 1% year-over-year. MLS^® sales averaged 429,000 SAAR (seasonally adjusted annualized rate) units, down 8% compared to the same period last year.

CMHC continues to deliver housing programs and initiatives on behalf of the Government of Canada. In the first quarter, government funding totaled $2.9 billion, a 10% increase over Q1 2025, driven programs such as the Co-operative Housing Development Program, Canada Housing Benefit and Affordable Housing Fund, helping increase housing supply and improve affordability.

Q1 Highlights	Three months ended 3 1 March, 2026	Three months ended 31 March, 2025
Net income ($M)	487	434
Government funding ($M)	2,925	2,658
New securities guaranteed ($B)	63	54
Insured volumes (units): Transactional homeowner insurance	10,459	10,030
Insured volumes (units): Portfolio insurance	7,109	747
Insured volumes (units): Multi-unit residential insurance	71,733	55,383
Capital management	As of 31 March, 2026	As of 31 December, 2025
Total Mortgage Insurance capital ($B)	17.6	14.3
Mortgage Insurance capital available to minimum capital required (%)¹	223 %	210 %
Total Securitization capital available ($B)	1.2	1.0
Economic capital available to capital required (Securitization) (%)²	138 %	139 %
Insurance-in-force ($B)	486	471
Guarantees-in-force ($B)	580	573
Canadian residential mortgages with CMHC insurance coverage (%)	20.2 %	19.8 %
National arrears rate for CMHC-insured mortgages (%)	0.33 %	0.32 %

¹The ratio for the quarter ended March 31, 2026, is calculated under the new Mortgage Insurer Capital Adequacy Test (MICAT) framework, whereas the comparative period was calculated under the previous framework.

²Effective in Q1 2026, ORSA capital targets were redefined using equity measures to better support capital management decisions. Under this updated framework, minimum capital required is derived directly from our ORSA results and capital available is based on Equity. Comparative figures and ratios for prior periods have been restated to align with the 2025 ORSA methodology.

The full Quarterly Financial Report is available online.

Related links:

For 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.

SOURCE Canada Mortgage and Housing Corporation (CMHC)