‘Housing matters’ to all of Canada, CMHC president explains

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by Lyle Adriano

The president of Canada’s national housing agency expounded to the business community how the housing industry can greatly influence the country.

Housing can be an efficient tool in helping the nation accomplish “broader social and economic policy objectives,” said Canada Mortgage and Housing Corporation (CMHC) president and CEO Evan Siddall, who spoke to the Board of Trade of Metropolitan Montreal December 3 to reaffirm the agency’s commitment to helping Canadians with their housing needs.

Siddall also pointed out that problems in the housing industry can be symptoms of wider financial instability affecting the country’s economy.

“In Canada, affordability is key to financial stability. While the majority of Canadians are well housed, there are still too many that are struggling to meet their housing needs. CMHC has a responsibility to make use of government authorized programs to reduce core housing need for all Canadians,” he said.

In addition to highlighting why housing matters, Siddall also remarked about his agency’s role in helping fill out gaps in information on Canada’s housing market. He acknowledged that there are still considerable information gaps, but he reassured that the agency is working hard to identify and complete all records.

Siddall’s address concurred with CMHC’s Housing Market Insight report, which includes data on condominium apartments owned by foreigners. The report surveyed condominium property managers, asking them for information on the total number of foreign-owned apartment units. Sixteen Census Metropolitan Areas were surveyed: Vancouver, Victoria, Kelowna, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Toronto, London, Hamilton, Kitchener, Ottawa, Gatineau, Montréal, and Québec.
  • RossK on 2015-12-07 1:49:48 PM

    We have requested CMHC pull this report for the misrepresentations it includes. This is the 2nd Housing Market Insight issued and the 2nd we have requested by pulled with an appropriate explanation provided publicly.

    This report suggests 29% of all condo apartments sold in Vancouver during the last 12 months were to Foreign Buyers. 16.5% in the GTA. This would mean over 7000 Suspicious Transaction reports would have been required to be completed by REALTORS and sent into FINTRAC. Since not even 10 have been sent in something is drastically wrong.

    We know it is impossible for these 29 and 16.5% levels to be reached so stating so was simply absurd and yet another example of how Canadians are mislead on how best to assume mortgage debt.

    I stress the 29 and 16.5% is right from this report, when you read what it is actually saying.

    Did MBs see 29% foreign buyers in Vancouver and 16.5 in the GTA? No....well I guess then CMHC is blaming that one on the banks??

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