CMHC's 2023 Annual Report

Our 2023 Annual Report outlines our activities and achievements over the past year. Learn about our collaborative efforts with partners to develop innovative housing solutions that address the needs of Canadians.

2023 by the Numbers

The highlighted results below reflect data as of December 31, 2023.

  • More than 48,000 housing units were purchased across Canada with the help of our homeowner insurance products in 2023 (over 15% insured in rural areas).
  • Of the 220,000-plus rental units insured in 2023 close to 40% were for new construction, adding new units to the marketplace.
  • $29 billion of Affordability-Linked National Housing Act Mortgage-Backed Securities were issued by Approved Issuers in 2023.
  • Over 127,000 rental units insured in 2023 were for MLI Select, a mortgage loan insurance product that advances affordability and climate compatibility.

National Housing Strategy

  • 134,707

    new housing units created or committed

    (target: 160,000 Units)

  • 272,169

    housing units repaired or committed

    (target: 300,000 units)

  • 345,377

    community housing units protected

    (target: 388,000 units)

  • 31%

    committed funding towards the housing needs of women and their children

    (target: 25%)

  • $6.13B

    for the construction, repair and financial support of Indigenous and Northern housing*

  • 23,853

    Indigenous and Northern units built, repaired or financially supported

Message from Michel Tremblay, President and CEO

"…Many Canadians found it tough to pay their mortgage or rent, and far too many vulnerable people struggled to keep a roof over their heads. Yet, even in these challenging times, CMHC continued to prove it’s a company Canadians can count on…"

Report Highlights

Our Performance

We achieved sizable milestones in meeting our performance targets despite economic challenges by:

  • surpassing targets by creating or repairing 494,319 units, largely due to the success of initiatives like the Affordable Housing Fund, several large agreements with provinces and municipalities to repair units, and strong uptake of our multi-unit loan insurance product, MLI Select 
  • achieving higher-than-planned application volumes for the National Housing Strategy, resulting in 153,708 units being affordable to those in core housing need
  • exceeding targets for climate compatibility. Some 39% of units we supported were climate compatible, due primarily to the success of MLI Select

Data Research and Insights

Our Data Research and Insights team conducted extensive research and analysis to tackle the complexities of housing affordability and supply. We focused on understanding the root causes and solutions to these issues, particularly for Indigenous and vulnerable populations. Our research and efforts resulted in:

  • highlighting unique barriers in accessing housing, including discrimination and affordability issues for racialized Canadians
  • revealing a need for 3.5 million additional homes by 2030, underscoring the scale of Canada's housing shortage
  • conducting a longitudinal study on the impacts of National Housing Strategy investments on Canadians and their environment
  • developing an approach to link housing surveys and census data to evaluate National Housing Strategy effectiveness in addressing housing needs
  • partnering with Indigenous groups to study the transfer of care and control of housing, and finding capital to close the infrastructure gap on-reserve, alongside other urban, rural and Northern housing research to fill data gaps
  • We also organized research hubs focusing on 7 areas of focus: core housing need, supply gaps, racism and systemic barriers, climate change, policy effectiveness, Indigenous reconciliation and housing finance.

Reconciliation and Indigenous Relations

CMHC's commitment to Indigenous reconciliation is evident in our Reconciliation Action Plan. The plan guides our efforts across 3 pillars: culture and inclusion, talent development, and programs and partnerships. Our results demonstrate tangible progress that involved:

  • finishing Indigenous cultural awareness training for more than 94% of employees
  • increasing Indigenous procurement activities to 11.6%
  • advancing to phase 2 of the Canadian Council for Aboriginal Business’s Progressive Aboriginal Relations program increasing Indigenous representation in our workforce to 3.4%
  • developing strategies for talent development, including a successful student intern program
  • organizing events in our Equity in Action Speaker Series, and crafting internal tools promoting equity, anti-racism and intersectionality within our work to reinforce our dedication to equitable housing outcomes
  • continuing to explore options with First Nations partners on transferring the care and control of funding on for on-reserve housing programs

Anti-racism and Equity

CMHC's commitment to addressing core housing needs and homelessness among marginalized populations yielded significant results in 2023. Our efforts included:

  • establishing our first-ever Equity Framework, guiding operations and governance toward advancing equity across CMHC
  • sponsoring events facilitating discussions on key challenges and solutions within the Canadian community housing sector
  • supporting the creation of the Black Communities Technical Housing Resource Centre and contributed to the BlackNorth Initiative and Habitat for Humanity GTA leading and coordinating research, including reports on equitable housing, landlord decision-making and inequalities in the housing finance system
  • organizing events in our Equity in Action Speaker Series, and crafting internal tools promoting equity, anti-racism and intersectionality within our work to reinforce our dedication to equitable housing outcomes
Date Published: May 6, 2024