CMHC beats targets for new homes in 2023, despite economic challenges [Yahoo! Finance Canada]
Cabot Corporation (CBT)
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Source: Yahoo! Finance Canada
The Crown corporation, charged with administering the country's national housing programs, released its annual report on Monday, revealing its progress in meeting the mandates of the NHS — a 10-year plan launched in 2017. According to the report, CMHC delivered 153,708 new, repaired, or assisted affordable housing units last year, surpassing the NHS's target of 120,000 units. The overall number of new, repaired, or assisted units delivered through CMHC programs in 2023 was 494,319, well above the agency's target of 350,000 units. “ Rising interest rates to tame inflation and labour shortages hindered the country's ability to create much needed housing supply,” said Michel Tremblay, the agency's acting president and chief executive officer. “Yet, even in these challenging times, we met our ambitious goals for 2023.” ADVERTISEMENT CMHC attributes its success to several factors, including its Affordable Housing Fund, which provides low-interest loans to partner organizations, and
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