OTTAWA, ON, May 30, 2024 /CNW/ - Canada Mortgage and Housing Corporation (CMHC) today released its Quarterly Financial Report for Q1 2024 showing a strong, stable quarter with an increase in net income, which directly reduces the Government of Canada's annual deficit.   Our net income for the first three months of 2024 was $374 million, up 13 % from $331 million in the same quarter in 2023. The increase is largely due to additional volumes in multi-unit insurance products, mortgage funding and higher investment income. Multi-unit insurance insured volumes increased by almost $6 billion over the same quarter last year, amounting to nearly 20,000 more housing units insured than in Q1 2023. We provided multi-unit insurance for just over 63,000 units in Q1 2024 and of those, close to 25,000 were for new construction. This was largely driven by take-up of our MLI Select product which directly contributes to adding new supply of housing, once construction is complete. Quote: "We are pleased with the success of our multi-unit insurance products. An increase of nearly 42% in units and 72% in insured volumes is encouraging and very positive for the housing market. We are also very happy to see the investments in housing announced by the Government of Canada in Budget 2024 and will continue to work diligently to deliver these important initiatives for Canadians."‒ Nadine Leblanc, ...