Last year, $346 billion—20 per cent of Canada’s gross domestic product (GDP)—was spent on housing-related activities, according to Canada Mortgage and Housing Corporation (CMHC).
As stated in its 2011 report, “A Solid Foundation for Generations, ” the national agency itself provided $2 billion in support for housing programs, which includes $1.7 billion for federal funding in support of almost 605,000 families living in existing social housing under long-term arrangements.
When combined with contributions from across Canada, $1.4 billion will be invested between 2011 and 2014 toward reducing the number of people in housing need.
The report also highlighted additional housing roles by CMHC, including:
• 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 completed delivery of some $2 billion in social housing investments and $2 billion in low-cost loans for housing-related municipal infrastructure under the two-year stimulus phase of Canada’s Economic Action Plan to help Canadians access affordable, high-quality housing and improve communities across the country;
• in 2011, CMHC provided federal investments of $1.7 billion under long-term agreements that supported almost 605,000 households living in existing social housing; and
• since its start in 2001, 51,843 units have been created under the Affordable Housing Initiative.
