CMHC releases Q1 results
The Crown Corporation announced its quarterly results Monday.
Justin da Rosa
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“The first quarter of 2016 saw us provide mortgage loan insurance to 83,000 homebuyers across the country, deliver $589 million through our assisted housing programs and guarantee $21.8 billion in new securities,” Brian Naish, CMHC CFO, said. “Each of these outcomes contributes to our vision of being the heart of a world-leading housing system.” Total insurance in force fell from $526 billion at the end of 2015 to $520 billion as at March 31.
The average insured loan for the quarter was $242,367 and arrears were a mere 0.34% at March 31.
“Homebuyers with CMHC-insured mortgages have a strong ability to manage their debts as evidenced by an average credit score of 747 for transactional homeowner loans and an average gross debt service (GDS) ratio of 25.8% for the three-months ended March 31, 2016,” CMHC said in a release.
The Crown Corporation also addressed its exposure in Fort McMurray.
“Claim losses to CMHC are not expected to be significant as lenders work directly with borrowers to address any required repairs, recoup losses under existing property insurance policies and access any disaster relief, emergency funds and/or other assistance as available and appropriate,” CMHC said.
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