What is Canada Mortgage and Housing Corporation?
Canada’s housing agency started its existence in 1946 as a corporation owned by the federal government. During the initial period, the main task of Canada Mortgage and Housing Corporation was to address the housing shortage in Canada in the years following the Second World War. Shortage had been felt even more acutely against the background of the baby-boom, and the agency has now established itself as one of the most important institutions in the country and a major provider of mortgage loan and insurances, mortgage-backed securities, and housing and mortgage consultancy. Throughout its history, if in the 1940s CMHC’s goal was to set a new beginning for housing in Canada, after 2000, the agency had shifted focus on using cleaner energy sources to develop comfortable, yet affordable housing solutions.
The devoted officials of Canada Mortgage and Housing Corporation are committed to helping Canadians access a wide variety of quality and affordable homes. In addition, the agency works to enhance Canada's housing finance options and assist Canadian citizens who cannot afford to buy a home. Financial assistance is given in the form of non-repayable contributions and forgivable loans. It may be used to fund accessibility modifications, home adaptations, renovations, repairs, and the construction of low income rental facilities. The government had announced plans to distribute $1.9 billion for housing over a period of five years. The housing and homelessness programs will target low income Canadians (low income families, persons with disabilities, and senior citizens).
The agency aims to improve the building standards and the quality of housing construction. For instance, Canada’s hosing agency had developed a wide range of mortgage loan insurance options that enabled Canadian lenders to offer mortgages at the lowest possible rates and a down payment as low as five percent. At the same time, its consultants are always ready to provide first-time home buyers with objective and reliable information about the purchase of homes and their maintenance and about the latest trends in the real property market of the country.In addition, Canada Mortgage and Housing Corporation operates in a close partnership with governmental institutions around the world in order to strengthen Canada’s positions on the global real estate market. CMHC helps local governments with valuable know how and experience, so that they can develop housing systems that better meet the accommodation needs of their citizens.
According to Ms. Karen Kinsley, President of Canada Mortgage and Housing Corporation, the most enduring contribution of CMHC to the Canadian state finds a material expression in the difference that the agency has made in the life of the Canadian citizens over the years since its establishment. Ms. Kinsley also makes it a point that over thirty percent of all home buyers in Canada have taken advantage of the mortgage loan insurance program that CMHC offers.