News Summary

The Canada Mortgage and Housing Corporation (CMHC) has announced an expansion of its mortgage loan insurance offerings to include more options for prefabricated and modular homes through a new initiative called CMHC Prefab Plus. This program aims to address Canada’s need to double housing starts over the next decade by supporting the construction of factory-built homes with a minimum down payment of five percent. The insurance allows homebuyers to access funds in up to four stages as construction milestones are reached, rather than a single lump sum. This expansion follows a successful pilot initiative that provided insured financing for over 800 new rental homes using modular construction across five provinces. By offering mortgage loan insurance for prefabricated homes and multi-unit modular construction, CMHC is committed to expanding access to homeownership and enhancing the development of rental supply.