CMHC spends over $750M on affordable housing in Q1

OTTAWA — Canada Mortgage and Housing Corporation (CMHC) spent over three-quarters of a billion dollars on affordable housing projects in the first three months of 2019, reports its Q1 financial report.

The CMHC study reported benchmarks as follows:

• spending of $777 million on behalf of the government of Canada to develop low-cost housing units;
• providing mortgage insurance for 39,000 homes, supporting 17,000 homebuyers and 22,000 rental units;
• providing $39 billion in mortgage funding guarantees; and
• signing bilateral agreements with Prince Edward Island, Alberta and Yukon under the new Housing Partnership Framework to implement the National Housing Strategy.