Will every Canadian be able to afford housing by 2030? RCI

Real estate brand on display in Victoria, British Columbia, Friday 1 June 2018. The Canadian Press / Chad Hipolito

This is the wish of the Canadian Mortgage and Housing Corporation (CMHC) that just published its 2020 report

This report highlights the contribution of CMHC to the country’s economy. In 2020, its financial results have been somewhat satisfactory, despite the multiple impacts of COVID-19.

This balance sheet is strengthened by its income from business activities and public financing. It brought in a total of $ 8 billion last year.

Public funding was an important part, especially with $ 5 billion earmarked for housing programs.

This amount is part of the implementation of the Canada Economic Response Plan in response to the COVID-19 pandemic and the National Housing Strategy.

Additionally, CMHC acknowledges a $ 3 billion contribution to revenue from its business activities, mortgage loan insurance, and mortgage financing. These activities generated a net income of $ 1.7 billion.

These results demonstrate the sound financial health of the company, which has helped ensure the stability of the Canadian financial system.

In 2020, more than 730 thousand Homebuyers across the country benefited from mortgage financing support.

In terms of new housing construction, the Rental Housing Finance Initiative provided low-cost loans, resulting in the construction of nearly 25,000 Rent housing last year.

CMHC has also made a name for itself in building affordable housing, thanks to the National Housing Investment Fund. more than 12400 New homes have been built 66,000 Others are in the pipeline.

According to the report, the harvest will be abundant for this entity in 2020. He will announce new glories in 2021, driven by promises of the new federal budget.

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These promises announce additional support that will allow CMHC to continue to support Canadians’ access to housing, as well as contribute to boosting economic growth.

Today more than ever, we believe that a home is not only a place to live, it is also a refuge, a place where we feel safe. Everyone deserves to have one […] Our ambition is clear: By 2030, everyone in Canada will be able to afford housing that meets their needs. […] Romy Bowers, President and CEO of CMHC

Equity and combating racism are part of the values ​​that guide the work of this institution, which is currently working on developing a strategy to achieve its goals in this direction.

The goal is to achieve true reconciliation with First Nations, Inuit and Colored people and to contribute to climate change mitigation efforts across Canada.

But the task remains enormous for CMHC, which will have to step up its efforts to ensure all Canadians have access to real estate in 2030. The complications will remain as long as the current escalation in the real estate sector continues.

Selon un communiqué de la SCHL

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