News Column

CMHC reports first-quarter profit up seven per cent from year ago

May 30, 2014

The Canadian Press



OTTAWA - Canada Mortgage and Housing Corp. said Friday an improving economy helped it earn $406 million in its latest quarter, up seven per cent from a year ago.

The mortgage insurance agency said higher investment earnings and lower insurance claims help boost its profits for its first quarter.

CMHC's total insurance-in-force for the quarter ended March 31 was $555 billion, down $2 billion from the fourth quarter of 2013.

The overall arrears rate was 0.35 per cent at March 31.

Last week, the agency predicted the country's housing market will continue to slow, but said it sees no major crash coming.

CMHC said in its latest forecast that the market will continue to weaken this year, before stabilizing.

The agency forecasts housing starts will range between 172,300 and 189,900 for a midpoint prediction of 181,100 this year, down from 187,923 in 2013 and 214,827 in 2012.


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Source: Canadian Press DataFile