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 country’s largest mortgage insurer says it earned $394 million for the three months ending March 31, up from $293 million in the same period a year earlier and compared with $370 million in the first quarter of 2017. 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. 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.

Source: thestar May 29, 2019 17:37 UTC