Canada Mortgage and Housing Corporation (CMHC) is a vital institution in Canada’s housing landscape, striving to create a future where every Canadian has access to affordable, safe, and suitable housing. CMHC was created after World War II, when Canada faced a significant housing crisis with a surge of returning veterans and a shortage of affordable housing. As a federal crown corporation, CMHC built homes for returning soldiers and their families. Over the years, its role has expanded to encompass various aspects of the housing market, including mortgage loan insurance and research. Currently the biggest challenge facing CMHC, and Canada, is the country’s serious housing affordability crisis. “Canada needs an ’all-hands-on-deck’ approach to address housing affordability,” says Romy Bowers, President. “We are bringing together governments, financial organizations and other partners including developers to incentivize and help make system-wide changes to address the housing needs of all Canadians.” CMHC plays an important role in supporting the stability of Canada’s housing finance system, which is key to housing affordability. It 63 DEC 2023 | BUSINESS ELITE CANADA
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