does this through its commercial products, including mortgage loan insurance and multi-unit mortgage loan insurance, as well as providing lenders reliable access to mortgage funding. The corporation also conducts impartial research and provides essential data to inform housing policy. Moreover, CMHC helps deliver Government of Canada commitments to make housing more affordable, such as the National Housing Strategy which aims to address needs across the housing continuum. CMHC’s role extends beyond addressing housing issues; it also contributes to Canada’s economic resilience. During the 2008 financial crisis, CMHC’s mortgage loan insurance and securitization programs ensured that Canadians could maintain their homes and access essential mortgage financing. This support played a crucial role in helping Canada navigate the global recession. In 2023, as Canadians face economic challenges, including higher interest rates and record levels of debt, CMHC stands ready to absorb potential economic shocks and maintain stability. THE HOUSING CRISIS IN CANADA Canada is currently grappling with a housing crisis of significant proportions. This crisis comprises two distinct challenges impacting vulnerable populations and middle-income Canadians. 64 DEC 2023 | BUSINESS ELITE CANADA
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