Canadian Mortgage and Housing Corporation
CMHC logo
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| Crown corporation overview | |
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| Formed | January 1, 1946 |
| Superseding agency |
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| Headquarters | Ottawa, Ontario |
| Minister responsible | |
| Crown corporation executive |
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| Website | www |
Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation of the Government of Canada. It's superseding agency was established after World War II, to help returning war veterans find housing. It has since expanded its mandate to assist housing for all Canadians. The organization's primary goals are to provide mortgage liquidity, assist in affordable housing development, and provide "unbiased" research and advice to the Canadian government, and housing industry.
CMHC is the largest Crown corporation in terms of assets with some C$252,107,000,000 as of 2015.
CMHC is governed by a board of directors and is accountable to Parliament through the Minister of Families, Children and Social Development. Previously the portfolio was held by the Minister of Employment and Social Development. The board of directors and president are appointed by the Government of Canada.
As Canada's national housing agency, CMHC contributes to the stability of the housing market and financial system, provides support to Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.
Near the end of World War II, the Canadian government began to worry about the demobilization of thousands of soldiers in Europe, and their re-entrance to Canadian society.
With so many people coming back to Canada, a number of problems could arise, one being that there may not be enough housing existing to accommodate the soldiers and their families.
As such, on January 1, 1946 Central Mortgage and Housing Corporation was created (changed to "Canada" Mortgage and Housing Corporation in 1979) to house returning war veterans and to lead Canada's housing programs.
CMHC's basic functions were to administer the National Housing Act and the Home Improvement Loans Guarantee Act, and provide discounting facilities for loan and mortgage companies. The capital of the Corporation was set at $25 million (a substantial amount for the times), and a reserve fund of $5 million authorized to be accumulated from profits. This requirement and capital structure are still in effect today.
Toward the end of the 1940s, the federal government embarked on a program of much-needed social and rental housing, creating a federal-provincial public housing program for low-income families, with costs and subsidies shared 75% by the federal government and 25% by the province.
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