Overview and History of CMHC
– CMHC operates with a primary mandate of providing mortgage liquidity
– CMHC assists in establishing affordable housing development
– CMHC provides arms-length advice to the Government of Canada and housing industry
– CMHC acts as Canada’s national housing agency
– CMHC administers federal housing programs such as the first-time home buyer loan, acts as a mortgage insurer, and provides housing research
– CMHC was established in 1946 as the successor to Wartime Housing Limited
– Its founding purpose was to find and create housing for returning war veterans and their families
– CMHC consolidated almost all federal housing programs into a single agency
– CMHC administered the National Housing Act, Home Improvement Loans Guarantee Act, and provided discounting facilities for loan and mortgage companies
– In 1947, CMHC took over the financially unsuccessful Housing Enterprises of Canada Ltd
Post-War Housing Efforts
– Wartime Housing Limited (WHL) was established in 1941
– WHL built and managed rental units for World War II workers and veterans
– The Curtis Report highlighted the need for low and moderate-income housing in Canada
– The government revised the National Housing Act in 1944 to promote construction and improve housing conditions
– Instead of focusing on low-income housing, the government emphasized home ownership and private enterprise
– Serious housing congestion developed in Canada’s main cities after World War II
– CMHC was created as the successor to Wartime Housing Limited to address post-war housing shortages
– CMHC was incorporated in 1945 and took effect in 1946
– CMHC’s primary functions were to administer the National Housing Act, provide mortgage facilities, and administer Emergency Shelter Regulations
– CMHC built Benny Farm in Montreal, Quebec, as one of the first subsidized housing developments in Canada
Housing Initiatives in the 1950s and 1960s
– The federal government provided grants to cities to tear down derelict buildings and build municipally-owned housing corporations
– Regent Park in Toronto, Ontario, was the first urban renewal project
– CMHC implemented federal-provincial public housing projects
– CMHC introduced mortgage loan insurance, making home ownership more accessible
– Chartered banks were allowed to enter the NHA lending field, with CMHC underwriting mortgage loans
– Multi-unit apartment buildings outpaced housing starts for single-family homes in the 1960s
– Increased government partnership with non-profit organizations
– CMHC built the first cooperative housing project in Canada in Willow Park, Winnipeg
– CMHC exported wood-frame construction abroad to construct 137 homes in Harlow, England
– CMHC funded the design and development costs of Habitat, designed by architect Moshe Safdie for Expo 67 in Montréal
Housing Initiatives in the 1970s and 1980s-1990s
– Affordability became a major factor in the home buying process
– Neighbourhood and residential improvement programs encouraged the maintenance and improvement of existing communities
– CMHC introduced the Assisted Home Ownership Program (AHOP) for first-time buyers and low-income individuals
– CMHC introduced the Winter Warmth Assistance Program for urgent repairs to housing in rural areas
– CMHC oversaw the transformation of Vancouver’s Granville Island into a successful culture and tourism center
– The federal government withdrew from financing public housing projects
– CMHC received the 1982 United Nations Peace Medal for promoting better understanding among countries
– CMHC introduced Mortgage-backed securities as an alternative investment
– CMHC established the National Housing Awards to recognize achievements in the field
– CMHC created the Canadian Centre for Public-Private Partnerships in Housing to foster cooperation
Housing Initiatives in the 2000s and 2010s
– CMHC introduced Canada Mortgage Bonds to ensure low-cost mortgage funding
– CMHC received the Conference Board of Canada’s National Award in Governance in the Public Sector
– The federal-provincial affordable housing program began with $1 billion in federal expenditure
– CMHC introduced a 10% green refund on mortgage loan insurance premiums for energy-efficient homes
– CMHC introduced loan insurance products for on-reserve housing and increased market housing on-reserve
– The Government of Canada announced initiatives for affordable housing, housing for seniors, shelter spaces for victims of family violence, and retrofits and renovations to existing homes
– Up to $500 million per year for five years to provide low-cost loans for new affordable housing projects
– CMHC introduced the Affordable Rental Housing Innovation Fund, Northern & Inuit Housing, On-Reserve Housing, Assistance for Homeowners with Structural Problems, and Internship Opportunities for Indigenous Youth programs
– CMHC facilitates the development and implementation of federal housing policy in Canada
– CMHC provides regular housing market analyses and forecasts at the local, provincial, and national levels
– CMHC is a member of the International Union For Housing Finance and participates in global research and policy development for housing finance
– CMHC hosts the Housing Finance Symposium, an academic event to discuss global housing finance issues
– Mortgage loan insurance is mandatory for federally-regulated lenders in Canada when the buyer has less than a 20% down payment
– This insurance protects the mortgage lender against loss if a borrower defaults
– Mortgage loan insurance allows qualified borrowers to access homeownership at interest rates comparable to those with larger down payments
– CMHC provides service in all parts of the country and for a range of housing forms as a public mortgage insurer
– CMHC is the primary insurer for housing in small and rural communities and the only insurer of mortgages for multi-unit residential properties
– CMHC, on behalf of the Government of Canada, invests approximately CA$2 billion annually to help reduce the number of Canadians in housing need
– Ongoing subsidies are provided under 25- to 50-year operating agreements with housing groups who provide affordable housing
– Approximately 80% of the existing social housing portfolio is administered by provinces and territories under long-term agreements with CMHC
– CMHC provides Source: https://en.wikipedia.org/wiki/Canada_Mortgage_and_Housing_Corporation
Canada Mortgage and Housing Corporation (CMHC; French: Société canadienne d'hypothèques et de logement, SCHL) is Canada's federal crown corporation responsible for administering the National Housing Act, with the mandate to improve housing by living conditions in the country.
| Société canadienne d'hypothèques et de logement | |
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| Agency overview | |
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| Formed | 1 January 1946 |
| Superseding agencies |
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| Headquarters | Ottawa, Ontario |
| Minister responsible | |
| Agency executive |
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| Key documents |
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| Website | www |
Originally established after World War II to help returning war veterans find housing, it has since seen its mandate expand to the mandate of improving access to housing overall.
