CMHC releases results for third quarter of 2025

Q3 2025 Highlights

Canada Mortgage and Housing Corporation (CMHC) published its Quarterly Financial Report for the third quarter of 2025, showing a strong increase in the demand for transactional homeowner mortgage insurance. Over the three months ending September 30, CMHC insured 19,642 new homeowner units, marking a 43% rise from the same period in 2024. The growth is linked to the introduction of 30-year amortizations for insured mortgages and decreasing interest rates.

Financial and Operational Figures

Net income for the quarter: $493 million
Year-to-date net income (as of September 30): $1.346 billion
Government funding year-to-date: $3.913 billion
New securities guaranteed (NHA MBS): $47 billion for the quarter, $129 billion year-to-date
New securities guaranteed (Canada Mortgage Bonds): $16 billion for the quarter, $46 billion year-to-date
Insured volumes:
- Transactional homeowner insurance: 19,642 units (Q3), 47,774 units YTD
- Portfolio insurance: 3,194 units (Q3), 8,277 units YTD
- Multi-unit residential insurance: 60,122 units (Q3), 197,573 units YTD

Quotes

"We are pleased to see the momentum for our commercial products continue to grow as CMHC delivers on market housing, helping an increasing number of Canadians purchase homes. We also continue to facilitate an increase in rental supply through strong demand for our multi-unit insurance products. We remain committed to delivering on key Government initiatives and working with our many partners, including the newly created Build Canada Homes, to help address the housing crisis."
— Michel Tremblay, Chief Financial Officer and Senior Vice-President, Corporate Services

Risk and Arrears

Mortgage arrears rate: 0.32% (slight increase from 0.30% last year, still below historical norms)
Total Mortgage Insurance capital: $12.3 billion
Insurance-in-force: $462 billion
Guarantees-in-force: $577 billion
Percentage of Canadian residential mortgages with CMHC insurance: 20.0%
National arrears rate for CMHC-insured mortgages: 0.32%

Capital and Guarantees

Mortgage Insurance capital available vs minimum capital required: 191%
Securitization capital: $2.6 billion
Economic capital available for securitization: 161%

Author's Summary

CMHC's Q3 2025 report signals strong growth in insured mortgages, driven by policy changes and market shifts, with sustained financial stability and a continued focus on rental and housing supply expansion.

Yahoo Finance Canada — 2025-11-28