Canada Mortgage and Housing Corporation (CMHC) saw a major increase in demand for its commercial products in 2024, playing a pivotal role in supporting housing supply despite broader economic challenges.
The organization’s multi-unit mortgage loan insurance products remained in high demand throughout the year, backing over 283,000 housing units — a 28.7 per cent increase compared to 2023. Of these 43 per cent, were new constructions, marking a 38 per cent year-over-year rise.
A key contributor to this surge was CMHC’s MLI Select product, which continued to attract developers by offering incentives to build more affordable rental housing.
The program has become an important tool in addressing Canada’s rental supply shortage, as it combines affordability goals with climate and accessibility standards, says CMHC.
“In 2024, CMHC demonstrated yet again that it can stay agile and remained the stabilizing force in turbulent times,” said Coleen Volk, president and CEO of CMHC.
“CMHC’s solid three-pronged approach spurs solutions to challenges across the housing landscape: commercial products, delivery of housing programs and unbiased housing research are all making a difference.”
Funding for much-needed housing
CMHC provides mortgage funding products that bolster liquidity for lenders, helping maintain access to mortgage financing for Canadians. Its homeowner mortgage insurance supported the purchase of more than 49,000 housing units across the country in 2024.
Through a combination of its commercial work and federal housing programs, CMHC helped create, repair, or support over 500,000 homes in 2024.
More than 118,000 of these were targeted at Canadians in core housing need, while close to 300,000 were in high-demand rental markets.
This represents a 40,000-unit increase from 2023 and exceeds CMHC’s annual target by four percent.
Environmental goals were also a focus. Nearly half (48 per cent) of all CMHC-supported units were deemed climate compatible, well above the organization’s 25 per cent target.
