CMHC’s first-quarter earnings increase to $394-million despite dip in revenue

Canada Mortgage and Housing Corp. says its net income increased to a more normalized rate in the first quarter as the country’s economy continued to modestly improve.

Revenue totalled $1.48-billion, down six per cent from $1.58-billion last year. The decrease is largely attributable to lower government funding and a net gain from a significant rebound in equity markets.The agency says economic growth is still expected to pick up but with “less momentum than previously projected” as gross domestic product is expected to increase 1.5 per cent this year and by 1.7 per cent in 2020.

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