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2011 Annual Report Highlights CMHC's Role in Housing in Canada

marketwatch.comMay 8, 2012

OTTAWA, ONTARIO, May 08, 2012 (MARKETWIRE via COMTEX) -- Canada Mortgage and Housing Corporation (CMHC) is committed to helping ensure the well-being and stability of Canada's housing system, in which spending on housing accounted for 20 per cent, some $346 billion, of the country's Gross Domestic Product last year. This is among the highlights contained in CMHC's 2011 Annual Report released today.

"CMHC's Annual Report provides extensive insights into CMHC's performance in 2011. Amongst other things, it includes key statistics and analysis that detail the quality of CMHC's mortgage insurance portfolio," said Karen Kinsley, President and Chief Executive Officer of CMHC.

In 2011, CMHC provided some $2 billion in support of housing programs, including $1.7 billion in federal funding in support of almost 605,000 households living in existing social housing. A new three-year Investment in Affordable Housing Framework was announced in July, 2011; when combined with contributions from provinces and territories, a total of $1.4 billion will be invested from 2011 to 2014 under the Framework toward reducing the number of Canadians in housing need.

"Since its inception in 1946, CMHC has played a pivotal role in helping Canadians gain access to affordable, quality homes, while contributing to the efficiency and sustainability of housing markets," added Kinsley.

CMHC manages its mortgage loan insurance and securitization guarantee operations using sound business practices that ensure commercial viability without having to rely on the Government of Canada for support. In 2011, CMHC's mortgage loan insurance portfolio accounted for most of CMHC's net income of $1.529 billion, which helped improve the Government of Canada's fiscal position. CMHC manages its insurance business in a financially prudent manner and generates reasonable returns for the Government of Canada. Since 2002, CMHC has contributed $16 billion to improving the Government's fiscal position.

CMHC's sound underwriting practices are reflected in the results of an examination of CMHC's insurance-in-force at year-end. It shows, for example, that the majority of homeowner loans have strong credit scores and that borrowers continued to demonstrate a prudent approach in managing their mortgages: the average equity in CMHC's insured portfolio in 2011 was 44 per cent -- unchanged from last year.

CMHC follows prudential regulations as set out by the Office of the Superintendent of Financial Institutions (OSFI), with CMHC maintaining more than twice the minimum capital required by OSFI. As a result, CMHC is well positioned to weather possible severe economic scenarios.

CMHC continued to exceed its target for insuring mortgage loans that the private sector does not generally insure. CMHC is the only insurer for large multi-unit rental properties, including nursing and retirement homes, and a significant percentage of CMHC's high-ratio homeowner volume is in rural areas and smaller communities that are traditionally not as well served by private insurers. Together, these areas made up 46.5 per cent of CMHC's mortgage loan insurance business in 2011.

CMHC's securitization guarantee programs also contribute to a solid foundation for Canada's housing system. A total of $116.7 billion in securities backed by insured residential mortgages was guaranteed by CMHC in 2011, benefitting both large and small lenders. CMHC's total outstanding guarantees-in-force at year-end was $362 billion, against the statutory limit of $600 billion.

CMHC's 2011 Annual Report, entitled A Solid Foundation for Generations, is available online at www.cmhc.ca or by calling 1-800-668-2642.

As Canada's national housing agency, CMHC draws on over 65 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country.

 

Annual Report Highlights

CMHC in 2011
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Financial Highlights
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Total assets ($M) 291,890
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Total Liabilities ($M) 279,799
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Total Revenues ($M) 13,914
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Total Retained Earnings ($M) $11,164
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Net Income ($M) $1,529
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Income taxes ($M) 553
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Assisted Housing
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Number of Canadian households assisted through ongoing federal
investments of $1.7 billion in existing social housing 605,000
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Number of units renovated (off-reserve) 5,715
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Number of units facilitated by Affordable Housing Centre 2,838
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Aboriginal Housing
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Number of new units committed on-reserve 604
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Number of units renovated on-reserve 1,015
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Per cent of housing programs and services delivered by First
Nations or Aboriginal organizations 90
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Market-based on-reserve units facilitated 156
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Mortgage Loan Insurance
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Number of units insured 630,957
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Insurance-in-force ($B) 567
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Average equity in CMHC's insured portfolio (per cent) 44
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Average credit score of CMHC-insured high ratio homeowner loans
in force 724
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Per cent of total rental and high-ratio homeowner units that
address less-served markets and/or support specific government
priorities 46.5
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Securitization
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Annual securities guaranteed ($M) 116,725
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Per cent of residential mortgages securitized 27
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