The latest quarterly financial results from CMHC show continued improvement in the quality of its mortgage loan portfolio.
During the first half of 2018, the overall arrears rate decreased from 0.29% to 0.27% and the average homebuyer had a credit score of 754.
A typical homebuyer bought a home costing almost $271,000 with most choosing a 25-year amortization mortgage with 80% preferring a fixed rate loan.
CMHC provided mortgage insurance for nearly 107,000 homes in the first half of 2018 with 57,781 for homebuyers and 48,885 for rental units.
Its securitization programs provided lenders with nearly $75 billion in guarantees.
Its business activities generated revenues of $2.7 billion and a net income of $681 million through the first half of 2018 and at June 30, 2018, its overall insurance-in-force was $463 billion with $13.5 billion in capital available, representing 177% of the minimum regulatory capital required. Total guarantees-in-force were $479 billion with $2.5 billion in capital held, representing 143% of the minimum required.
Helping with housing needs
CMHC also delivered nearly $1.5 billion to create and support much-needed housing units for low- and middle-income Canadians and continued to implement National Housing Strategy initiatives.
"We continued to implement initiatives under the National Housing Strategy while delivering results for Canadians and helping people from all across the country meet their housing needs," said Lisa Williams, Chief Financial Officer