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

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Revenue totalled $1.48 billion, down six per cent from $1.58 billion last year

OTTAWA — 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.

. The decrease is largely attributable to lower government funding and a net gain from a significant rebound in equity markets. CMHC says it invested $777 million on behalf of the government to create and support housing for low- and middle-income Canadians, down from $1.02 billion a year ago, provided mortgage insurance for more than 39,000 homes and provided $39 billion in guarantees through mortgage funding activities.

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