CMHC helps Canadians obtain affordable homes

by mbuckstein | June 6, 2012 8:53 am

bigstock-New-Home-Construction---259737 — Since 2006, the federal government has invested an estimated $12.5 billion in housing through Canada Mortgage and Housing Corporation (CMHC). This year, it will provide approximately $2 billion. *Photo © BigStockPhoto/Paul Moore.*

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.

Source URL: https://www.constructioncanada.net/cmhc-helps-canadians-obtain-affordable-homes/