Record insurance and loan commitments signal CMHC's deepening role in housing finance
Canada Mortgage and Housing Corporation (CMHC) delivered a record-setting performance in 2025, expanding its reach across rental construction, homebuyer insurance and affordable housing programs even as trade tensions and macroeconomic volatility tested the country's financial foundations.
The federal Crown corporation's 2025 Annual Report reveals the organisation facilitated financing for more than 361,000 housing units through its commercial products.
Mortgage loan insurance extended to homebuyers surged to 64,000 approvals last year, up from 49,000 in 2024. That's a 31% jump that signals renewed first-time buyer activity despite affordability pressures that have defined the market for years.
Read more: CMHC reports surge in mortgage insurance demand
Fourteen percent of those buyers were located in rural communities, regions where CMHC remains the sole mortgage insurance provider.
The rental housing story was equally compelling. CMHC's multi-unit insurance products underpinned financing for 261,000 rental units in 2025, with 36% of those classified as new construction. That's a meaningful signal to developers that viable project economics remain attainable with government-backed insurance in place.
"Housing supply remained one of Canada's greatest challenges in 2025," said Coleen Volk, CMHC President and Chief Executive Officer.
"CMHC rose to meet this challenge head-on, putting all the organisation's tools to work to make an impact in communities across the country. In 2026, CMHC marks 80 years of helping to house Canadians, a milestone that underscores our experience and our unique ability to tackle the challenges ahead."
For brokers and lenders closely tracking the flow of construction financing, the numbers from the Apartment Construction Loan Program (ACLP) are particularly noteworthy. Since its launch, CMHC has committed more than $29 billion in low-cost loans targeting the creation of over 74,500 new purpose-built rental units.
ACLP is a key driver behind the rental construction pipeline that has kept cranes in the sky across major markets. The corporation stated plainly that between the ACLP and multi-unit mortgage loan insurance, it backed the majority of rental construction activity across Canada in 2025.
Read more: Housing starts slide again as CMHC warns of fading construction momentum
The Affordable Housing Fund also delivered strongly. Cumulative commitments since its launch reached more than $14 billion in loans and contributions, supporting the creation of 57,000 new affordable units and the repair of more than 174,000 units of existing community housing stock.
A $1.5-billion top-up to the fund in September 2025 was quickly deployed into communities.
CMHC's total insurance-in-force reached $471 billion by year-end, a $31-billion increase from 2024 driven largely by multi-unit product growth.
Arrears across all CMHC-insured loans remained low at 0.32%, consistent with pre-pandemic levels, a figure that will provide some comfort to lenders monitoring credit quality in an uncertain rate environment.
"Despite challenging economic times, CMHC's commercial products and programs continue to meet the moment for Canadians," said Michel Tremblay, CMHC Chief Financial Officer and Senior Vice-President, Corporate Services.
"Whether it's a first-time homebuyer getting the keys to their new place, or a homebuilder adding much-needed rental homes to their community, we are there to support Canadians' access to housing financing."
On the securitisation side, CMHC guaranteed nearly $166 billion in mortgage-backed securities and $60 billion in Canada Mortgage Bonds in 2025. Preferential guarantee fees were extended for mortgage-backed securities containing social housing loans or multi-family loans insured with an affordability commitment — a structural incentive designed to direct capital toward undersupplied segments of the market.
The full Housing Design Catalogue, launched in October 2025 and featuring more than 50 standardised, regionally tailored designs, is intended to cut construction timelines and costs.
Alongside that, the Co-op Housing Development Program committed $1.21 billion to support more than 2,700 new co-operative housing units — a sector that has seen renewed policy attention as governments search for alternatives to market-rate construction.
CMHC's expanding footprint in both insurance and program delivery reflects a deliberate strategy to offset private sector hesitation in a market where affordability constraints and construction costs continue to suppress supply.
The Canada Greener Homes Loan program, administered in partnership with Natural Resources Canada, committed more than $3.1 billion for close to 131,000 loans, with approximately 92% of applicants completing retrofits and receiving final funding.
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