Home Breadcrumb caret Economy Breadcrumb caret Economic Indicators CMHC’s Q3 profit and revenue down from a year ago The country’s largest mortgage insurer earned $387 million in Q3, down from $467 million By The Canadian Press | November 29, 2018 | Last updated on November 29, 2018 1 min read The Canada Mortgage and Housing Corporation (CMHC) saw its third-quarter profit drop compared with a year ago, as the housing market showed signs of cooling. The country’s largest mortgage insurer says it earned $387 million for the three months ended Sept. 30, down from $467 million in the same period a year earlier. Revenue totalled $1.05 billion in the third quarter, compared with $1.26 billion last year. CMHC offers mortgage default insurance for homebuyers as well as loans for multi-unit residential projects and portfolios of loans secured by residential properties. It anticipates tighter mortgage rules, rising interest rates and a slowing economy to reduce demand for housing and continue to impact its near-term earnings. The agency says for the first three quarters of 2018, the average CMHC-insured homebuyer bought a home for nearly $276,000 with down payment of 7.7%. Nearly all CMHC-insured homebuyers chose a 25-year amortization period. Thirty-one percent opted for a variable-rate mortgage over a fixed-rate loan. The Canadian Press The Canadian Press is a national news agency headquartered in Toronto and founded in 1917. Save Stroke 1 Print Group 8 Share LI logo