CMHC Looking For Stability
Ultimately, we are not looking to be larger. Instead, we want to be a safeguard for Canadian housing markets. Our focused mission acknowledges the value of private sector competition, underpinned by the safety net that a resilient CMHC provides. We firmly believe CMHC’s strong market presence is a source of confidence in Canadian housing finance markets. The recent financial crisis showed that a resilient CMHC provides a stronger foundation in both good times and bad than did our U.S. cousins, Fannie Mae and Freddie Mac.
We have restored CMHC to our core raison d’etre: Helping Canadians meet their housing needs. Importantly, our decision to offer fewer products does not reflect a view that Canada’s housing market is overheated. Our most recent analysis and research tells us that the Canadian housing market is experiencing a soft landing. Some indicators suggest modest over-valuation, but not a housing bubble. That said, we don’t want to play a part in unintentionally contributing to higher house prices. After all, stoking demand increases prices, preventing some Canadians from buying homes.
My 1,900 colleagues across the country have embraced our more focused mission with enthusiasm. I work with Canada’s best collection of housing experts and expertise – truly Canada’s housing authority. CMHC has a deep reservoir of knowledge that can help people make wise housing decisions. We will be intensifying our market analysis and research in the months ahead. A more open and transparent CMHC will serve Canadians better.
