In 2023, Canada Mortgage and Housing Corp. (CMHC) delivered 153,708 affordable housing units, exceeding its National Housing Strategy (NHS) target of 120,000. Despite economic challenges like rising interest rates and labor shortages, CMHC attributes its success to initiatives like the Affordable Housing Fund and MLI Select mortgage insurance. CMHC’s total income dropped by 9%, primarily due to decreased assisted housing activity. However, MLI Select supported over 220,000 units, helping CMHC turn a $1.31 billion net profit, from which dividends of $1.08 billion were declared. Developers fell short of reaching the 270,000-unit new-home construction levels seen in 2021 to 2022, achieving only 241,735 units.

Looking forward, CMHC plans to speed up construction by consulting with the housing industry to create a home catalogue, part of a larger effort announced by federal housing minister Sean Fraser to simplify approval processes for low-rise buildings.