Annual public meeting

The screen is split in two by a vertical line.

On the left side, a family of three (father, mother and little girl) smile at each other.

On the right side, the following text is written: Building Housing Solutions Together 2021 Annual Report.

On both sides, the background colour is dark blue and purple.

A white banner runs across the entire bottom of the screen.

On the left side of the banner, the text “CMHC.ca” is written.

On the right side of the banner are the Canada Wordmark and the bilingual CMHC logo.

The video switches to Marie-Anna Murat, Canada Mortgage and Housing Corporation’s (CMHC) Vice-President of Communications and Marketing.

She is dressed professionally in grey and white and is wearing glasses and a microphone headset.

She is seated in a white room that looks like a home office.

At the top-left corner of the screen, a white rectangle appears with the following text written on it:

Marie-Anna Murat
Vice-President, Communications and Marketing
Vice-présidente, Communications et marketing

It stays on the screen for about 5 seconds before disappearing.

Marie-Anna Murat:

Good afternoon everyone and welcome to our 2022 annual public meeting. Please note that today's event is being recorded and is available in the language of your choice through simultaneous translation. I am Marie-Anna Murat, vice-president communications and marketing and I will be emcee-ing today's conference call.

Before we begin, I would like to thank the First Nations around Montréal, where I live, who have frequented and occupied this territory for millennia. I have gratitude for this land, respect and appreciation for its many generations of caretakers.

I am with the member of the Board, Derek Ballantyne, and with our President, Romy Bowers, and with our CFO and Service to Businesses, Mr. Michel Tremblay.

Members of our senior management teams are also on the call, including Marie-Claude Tremblay, Senior Vice-President, Corporate Affairs and Chief of Staff; Caroline Sanfaçon, Senior Vice-President of Client Operations; Kathleen Devenny, Chief Risk Officer; Lisa Williams, Senior Vice-President of Strategy; Nadine Leblanc, Senior Vice-President of Policy; Pam Hine, Vice-President of Housing Solutions; Samir Chhelavda, Vice-President of Audit and Evaluation; Steve Mennill, Chief Climate Officer; as well as our Chief Economist, Mr. Bob Dugan.

A number of CMHC employees have also joined our live stream channel from locations across the country, and I welcome them today.

Before we begin, I want to remind everyone that this call is being recorded, and that we will be using a bilingual format for the entire meeting. This is a bilingual meeting, so we'll be using both official languages.

We will hear from Mr. Ballantyne and Mrs. Bowers, who will provide brief opening remarks.

Mr. Tremblay will then present highlights from the 2021 Annual Report, titled Building Housing Solutions Together.

Following this presentation, of course, we will have a Q&A session of about 20 minutes, especially for the representatives of the media who are participating in this phone call meeting.

The phone call meeting and the public assembly will end right after the Q&A session.

So, without further delay, I will invite Mr. Derek Ballantyne, Chair of the CMHC's Board of Directors, to say a few words. Derek, la parole est à vous.

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The video switches to a split screen. On the left, the camera remains on Marie-Anna Murat. On the right, a camera is on Derek Ballantyne, Chair of CMHC’s Board of Directors. He is dressed professionally in a light-blue button-up shirt under a green plaid jacket. He is seated in what appears to be an office in an office building.
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Derek Ballantyne, Chair of CMHC Board of Directors:

Thank you, Marie-Anna.

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The video switches to just Derek, whose image now takes up the whole screen. At the top-left corner of the screen, a white rectangle appears with the following text written on it:
Derek Ballantyne
Chair of Board of Directors
Président du Conseil d’administration
It stays on the screen for about 5 seconds before disappearing.
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Derek:

This year, we celebrated 75 years of helping meet one of the most basic needs of people living in Canada: a roof over our head and a place to call home. So, a time of reflection on the past that CMHC has had and the success we've had as an organization, the adaptability of that organization.

But obviously, a year of challenge as well. The pandemic and the increase of the prices have made us focus on the importance of housing in order to answer to our needs and to the needs of Canadians. The importance to deliver solutions for all Canadians.

These are challenging times for all of us and for CMHC, and the team has been working incredibly hard over the last couple of years through the pandemic period. I think, in my estimation and in the estimation of the Board, the challenge that we have risen to and demonstrating our ability to be flexible, creative in our response to the housing issues at hand.

As the importance of our work increases, so does our ability to have a positive impact on the lives of those living in Canada.

That includes people like Neela, a recent high school graduate, who aged out of the child welfare system and she's now living in an Indigenous elder and youth co-living facility in B.C., funded through our National Co-Investment Fund.

It also includes people like Liane Léger, who moved to Whitehorse to pursue her career in healthcare and was able to buy a home there, thanks to the First-Time Home Buyer Incentive.

CMHC has also been answering another challenge, that of climate change. In 2021, the Board of Directors has approved the CMHC strategy on climate and the vision according to which, before 2050, the homes and Canadian communities will be resilient towards climate change.

All of these challenges are interconnected, meaning that the work we do, in terms of housing in Canada, is more important and more essential than ever.

This is all reflected in our Strategic Plan, which we revised and expanded this year. We focused on the most critical housing challenges, areas where we can have the greatest impact on housing and the housing system.

The result is an ambitious goal-oriented roadmap to take us to our aspiration: that, by 2030, everyone in Canada has a home that they can afford and that meets their needs.

The importance of what we do is also reflected in the new federal budget. Housing is the centrepiece of the document, and it contains significant measures to build more homes and make more housing more affordable across the country.

This includes a 4-billion housing accelerator fund, targeting the creation of 100,000 net new housing units and a major new investment in co-operative housing. It extends and expands funding for existing CMHC programs, such as the Rental Construction Financing Initiative and the very successful Rapid Housing Initiative. And it also includes a number of items directed towards deepening collaboration with other orders of governments, as well as the non-profit and private sectors.

It is very clear that we cannot solve the housing challenges in front of us and, in particular, housing affordability, without there being a large and collective effort in all orders of the government and with civil society and the private sectors as well.

I'm proud of the effort we've made at CMHC, working in this direction and building that collaborative environment, and look forward to the year ahead and the years beyond that in which we further this agenda.

We think that the government has shown faith in CMHC through the provisions in the budget, and it is up to us now to demonstrate that we can deliver on this mandate.

The Board, as stewards of public investment in CMHC, will ensure that the funds in this budget deliver the greatest possible impact for those in Canada.

In conclusion, I want to stress the importance of Romy Bowers's nomination as President of CMHC this year. She has her whole team working with us, an excellent team of dedicated people working with her as new President and CEO of CMHC. And so, she will be working on the solutions at CMHC to reach the 2030 objective.

We want to be a company Canadians can count on and contribute to solutions for housing affordability and accessibility.

And with that, I would welcome Romy Bowers to address you with a few of her comments.

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The video switches to a split screen. On the left, the camera is on Romy Bowers, President and Chief Executive Officer (CEO) of CMHC. She is dressed professionally in a black blouse under a dark-blue jacket. She is also wearing glasses and is seated in a room that appears to be a home office.
On the right of the screen, the camera remains on Derek Ballantyne.
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Romy Bowers, President and Chief Executive Officer of CMHC

Thank you, Derek. Welcome everyone and welcome to our 2022 Annual Public Meeting.

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The video switches to just Romy, whose image now takes up the whole screen. At the top-left corner of the screen, a white rectangle appears with the following text written on it:
Romy Bowers
President and Chief Executive Officer
Présidente et première dirigeante
It stays on the screen for about 5 seconds before disappearing.
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Romy

So, while I was preparing for today's event, I reminded myself that, at the same time last year, I had been President and CEO for a month.

I've been in this role as President and CEO of CMHC at a very critical time for housing in Canada. Housing affordability is a top concern for all Canadians, and it's a top concern for the federal government.

As we saw, housing investments represented close to one third of all new investments in the federal budget. Over this past year, I spent a great deal of time listening to partners across the housing system, including some of you who are on this call today.

I've heard your concerns and thoughts on the changing realities of Canada's housing system, and we at CMHC have adjusted our course to better address these, and I'll come to talk about this just a little bit later.

I've also heard from many people who are living our country's housing challenges in real time. 2021 has been difficult for all Canadians. The pandemic has continued. Families still count on their housing. However, we see that many Canadians, especially racialized people and Indigenous people, had difficulty finding the right housing that meets their needs.

Climate change also continues to have an impact on our country. Thousands of households across Canada were displaced by heat domes, flood and forest fires.

Throughout this very challenging year, as Derek said, CMHC continued to prove that we are a company that Canadians can count on. Our hard work has earned the continued confidence of the federal government, and the recent federal budget is a testament to this trust.

Much of the budget's proposed housing investments will build on the success of the National Housing Strategy. And all the investments will benefit from the expertise in housing that the CMHC has.

But I would like to take this opportunity to mention that everything we have succeeded at so far, the trust that we have earned, has only been possible thanks to our partners.

Building partnerships was the theme of our 2021 Annual Report, and with very good reason. All orders of the government, along with private and non-profit developers across the country, have worked with us to seize the opportunities that the National Housing Strategy offers.

As a result of this, we've exceeded our targets on all NHS programs.

More than 19 billion dollars was committed, by the end of 2021, to build and repair more than 174,000 units, and we're still counting.

One good example of our partnership is the increase of better access to housing. In 2021, we've launched the second round of one program in order to build fast access to housing for those who were affected by COVID.

Cities, provinces, Indigenous governing bodies, and non-profits mobilized behind us and behind this program. The result is over 10,000 new rapidly created units of permanent, affordable housing, a home for at least 10,000 households across the country.

And we know, at CMHC, that we can count on these partners to rally behind this program again as the federal budget has committed another round of funding that will create another 6,000 units.

As well, more than 22 billion dollars in new funding was committed to financing affordable housing projects over the next decade, thanks largely to private-sector partners, including the Bank of Montreal, Scotiabank, and Vancity Community Investment Bank.

We will work together with private-sector partners to build on this momentum in the coming year.

Last year, we also worked on strengthening relationships with people made most vulnerable and who are in the most precarious housing situations.

New mechanisms, like the National Housing Council, the Indigenous Advisory Council, and community engagement with equity-deserving groups are helping us to amplify the voices of people with lived experience of housing need and homelessness.

This will help us work together to shape a housing system that is more inclusive and equitable.

Our impressive results from last year bring us a little bit closer to our aspiration of housing affordability for all by 2030. But, to be honest, we know that there is so much more that has to be done.

When I became president, it became very clear to me that, in order to reach our objectives, according to our aspirations, we had to adjust our structure with clear objectives. This is part of the affordability strategy we have. We have to make choices. We can't be everything to everybody, and money alone will not address the housing affordability issues facing many Canadians.

And this is why, as we continue to deliver in 2021, we also took time to adjust our strategy.

We are now mobilizing all our resources in areas where we at CMHC can have the most impact as the federal housing agency.

This means that, in the year ahead, in 2022 and beyond, we'll be focusing more closely on building inclusive communities and a strong economy by doing our part to make housing more affordable for everyone in Canada.

We'll do this in part by addressing discrimination, racism, inequity in our housing system.

This includes prioritizing National Housing Strategy projects that serve marginalized populations.

And if I can give an example: A project by the Hogan's Alley Society, made possible through one of our solutions labs, is there to address the systemic displacement of Black communities in Vancouver's Hogan's Alley.

This work could help other displaced Black communities in their efforts to improve their housing outcomes.

We're also making reconciliation with Indigenous people a top priority. As a country, we realize that our efforts also have to be directed towards Indigenous people and their communities when it comes to housing, providing the housing that these communities need and that they deserve.

We at CMHC will be revamping our housing programs for these communities in a way that supports their self-determination.

We'll also be continuing to strengthen and roll out our climate change strategy, to mitigate and manage the adverse impacts of climate on housing.

Our new multi-unit mortgage insurance Select program is an example of the type of change we can effect. This innovative mortgage-loan insurance product offers developers incentives to build apartments that are affordable, accessible and climate-compatible. The more developers are committed to social and environmental outcomes, the better the incentives.

At the same time, we recognize that the challenges of housing in Canada are severe, and that the environment is complex. Our role is limited. So, more than ever, we will be working in collaboration with our partners and we will be working together to make sure that we reach our aspirations in our programs, and we really need support.

For example, we'll work closely with Indigenous partners to co-develop a much-needed northern, urban and rural Indigenous strategy.

We'll work with federal partners at Natural Resources Canada to expand the Canada Green Homes Program.

We'll also build on our strong relationships with cities, provinces and territories to launch the new housing accelerator fund. This fund will help municipalities speed up the development process, so that more homes can be built more quickly.

We'll continue to work with non-profit and private developers to boost the affordable housing supply. Our strong relationships with these partners have already made a difference for Canadians.

For example, we're working with Indigenous Service Canada and Indigenous organizations and governments to build and operate at least 38 shelters and 50 transitional homes for First Nations, Inuit and Métis people across the country, who are escaping gender-based violence.

Another example:

NHS funding is making it possible for private and non-profit organizations, like Dream Asset Management, Dream Impact Trust, and the Multifaith Housing Initiative, to create Dream LeBreton Development in downtown Ottawa. This will be Canada's largest residential, zero-carbon development project. It will also provide much-needed housing in the city centre, both for middle-income workers as well as for vulnerable populations, along with retail space and community and health services.

One last example:

Through our National Housing Co-Investment Fund, Charlottetown's Kings Square Affordable Housing Corporation was able to build Martha’s Place. This building is providing 50 units of affordable housing for elders and people with disabilities on Prince Edward Island.

We will also focus more than ever on networking, so that our partners will be able to work with new ideas, with new approaches, new solutions.

Working together to make sure that housing will be more affordable, we can help Canadians get through this pandemic, so that we will have a more sustainable economy for everyone. At the same time, we will continue to ensure the stability of our housing funding system.

I know there's a lot to tackle, but I believe that we have great momentum behind us as an organization. CMHC has a proven 75-year history of responding to Canadians' changing housing needs. We have strong leadership from Derek Ballantyne and the entire Board of Directors, and we have a dedicated staff of over 2,000 experts from across the country.

Together, at CMHC, we're building a culture based on the values of community, courage and impact. And we're not alone. We're backed by a growing community of partners from all sectors who are engaged and believe in our aspiration and are fully committed to helping us find solutions to Canada's housing challenges.

For those who aren't already working with us, at CMHC, and want to be part of the solution, please let me know, let us know and we'll put you in touch with the programs or partners that can.

I strongly believe that, together, we can create a better future for everybody in Canada.

And, with that, I'd like to turn things over to Michel Tremblay, our Chief Financial Officer, who will be able to provide some details on our 2021 results.

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The video switches to a split screen. On the left, the camera remains on Romy. On the right, the camera is on Michel Tremblay, CMHC’s Chief Financial Officer and Senior Vice-President of Corporate Services. His camera soon turns off, and we see a black screen with his name written in the middle in white letters.
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Romy:

Thank you and over to you, Michel.

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Michel Tremblay, CMHC Chief Financial Officer and Senior Vice-President of Corporate Services:

Thank you very much, Romy, and welcome, everyone.

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The video switches to just Michel, whose image now takes up the whole screen. He is dressed in a black suit and tie and a white button-up shirt. He is seated and wears a microphone headset. The room behind him is blurred. At the top-left corner of the screen, a white rectangle appears with the following text written on it:
Michel Tremblay
Chief Financial Officer and Senior Vice-President, Corporate Services
Chef des finances et premier vice-président, Services d’entreprise
It stays on the screen for about 5 seconds before disappearing.
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Michel:

As the COVID-19 pandemic continued in 2021, we remained focused on pursuing our corporate strategy to achieve our 2030 aspiration. We continued delivering programs and initiatives, including new programs and funding provided under Budget 2021.

On behalf of all my colleagues, I am pleased to provide highlights of our 2021 financial results.

Our revenues from commercial activities and government funding totalled 6.3 billion in 2021.

That included 3.7 billion in government funding for housing programs.

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The video switches to a split screen, with a smaller section on the right, showing the camera on Michel and, on the left, a larger screen with a bar graph showing the following data:
2021 Performance
Total revenue, 2021: $6.3
Total revenue, 2020: $8.0
Total expenses, 2021: $3.7
Total expenses, 2020: $5.7
Net Income, 2021: $1.9
Net income, 2020: $1.7

To the left of the graph, the following highlights are written:
$6.3 billion: Total revenue and government funding
$3.7 billion: Total expenses
$1.9 billion: Net income
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Michel:

That number is decreased by 1.2 billion compared to 2020, mainly due to the end of the funding received in 2020 for the Canada Emergency Commercial Rent Assistance Program, a program launched to help meet the goals of the COVID-19 Economic Response Plan.

Revenues from our commercial activities, mortgage insurance and mortgage funding, was 2.5 billion, generating a net income of 1.8 billion from our commercial activities and a total net income of 1.9 billion in 2021.

Lower expenses in 2021 were due in part to lower housing program expenses following the decrease in government program funding I just mentioned.

Also, insurance claim expenses decreased in 2021, following the release of some of the provision for insurance claims, as a result of improved economic conditions and a higher housing price index.

In 2021, we resumed the payment of dividends to the Government of Canada after temporarily suspending them in 2020. That was a prudent measure due to economic uncertainty. In 2021, we paid 5.1 billion in dividends to the Government of Canada.

Canadian economic growth resumed in 2021, with a real GDP growth of 4.6%, partially offsetting the 5.2 decline we experienced in 2020.

Meanwhile, Canada's labour market recovery continued in 2021. Relative to the pre-pandemic levels, the total number of Canadians employed was 1% higher in December 2021.

The recovering economic environment contributed to a strong housing demand. Record-low interest rates, a negligible impact of the pandemic on high-income households, the availability of savings accumulated since early in the pandemic, and changes in buyers’ preferences have all contributed to a robust rise in housing demand.

This led overall housing prices to increase significantly, given limited supply responsiveness. In some places, price increases have led to overvaluation, with prices not supported by long-term income and demographic conditions. Consequently, Canada's housing market showed a high degree of vulnerability at the end of 2021.

Another area of concern is the level of debt to disposable income of Canadians.

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The graph on the left screen disappears and is replaced with the following white text on a purple and blue background:
Canadian economic growth resumed in 2021 with an increase of 4.6%
High degree of vulnerability from strong housing price increases
Canada’s high level of household debt remains a concern
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Michel:

Despite the increase in income, the average household debt-to-disposable-income ratio reached an historical peak of 186% in the fourth quarter of 2021. This compares to 177 a year earlier.

With respect to delivering on a National Housing Strategy, the CMHC continues to deliver on the National Housing Strategy.

Here are a few key points as of December 31, 2021.

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The text on the left screen is replaced with new purple text on a white background:
National Co-Investment Fund: Committed funding to support construction of over 19,100 new units and repair/renewal of 91,800 units.
Rapid Housing Initiative: Committed funding to support the construction of over 10,200 units.
Rental Construction Financing initiative: Committed funding to support the construction of over 32,600 units.
Federal Community Housing initiative: Phase 2 providing rent assistance to over 6,300 low-income units.
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Michel:

We continue to deliver on the National Housing Co-Investment Fund, a fund that supports the construction, repair and renewal of community and affordable housing. Since its inception, we've committed funding for over 19,000 new units and for the repair and renewal of close to 92,000 units.

The Rental Construction Financing initiative, which provides low-cost insured loans to increase the supply of rental housing. To date, we have committed funding for over 32,500 units.

As part of the investments announced in Budget 2021, an additional 1.5 billion was provided for the Rapid Housing Initiative, to help address urgent housing needs of Canadians in core housing need, especially in the context of COVID-19. This is in addition to 1 billion in funding previously received as part of the COVID-19 relief funding.

As Romy mentioned, we've committed the entire 2.5 billion in funding to support the construction of over 10,200 units, exceeding the target of 7,500 units.

Finally, the Federal Community Housing initiative provides rent assistance for low-income tenants. Phase 2 was launched on September 1, 2020, and over 37 million in rental assistance was provided to over 6,300 low-income households in 2021.

Turning over to our commercial activities and specifically mortgage insurance.

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The text on the left screen is replaced with new purple text on a white background:
Insurance-in-force (as at) 31 December 2021: $401 B
Mortgage insurance capital available: 213% of minimum capital required

To the left of this text, a purple panel has the following white text:
Homeowner insurance volumes: 73,000 units
Portfolio insurance volumes: 23,000 units
Multi-unit insurance volumes: 168,000 units
Arrears rate : 0.28%
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Michel:

Transactional homeowner insurance protects lenders against borrower default, enabling qualified borrowers with a down payment between 5% and 20% to access mortgage financing at competitive rates.

In 2021, our homeowner insurance products helped homebuyers purchase over 73,000 housing units across Canada, with just over 17% of those being insured in rural areas.

Transactional homeowner insurance volumes were lower than in 2020, as a result of a change in our underwriting criteria, implemented in July 2020. These changes made in 2020 were not as effective as we had anticipated, and we returned to our initial practices in July 2021.

We also provide portfolio insurance, which allows lenders to pool and insure low-ratio residential mortgages, making them eligible for our mortgage funding programs. We insured close to 23,000 units through portfolio insurance in 2021, a decrease from the previous year.

The 2020 volumes were driven by the temporary expansion of eligibility criteria to help support market liquidity, in response to COVID-19.

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The text panels on the left are replaced with an image of a father and son playing together in their kitchen. To the right of the image, the following white text appears on a purple and blue background:
$144 B: National Housing Act mortgage-backed securities guaranteed
$40 B: Canada Mortgage Bonds securities guaranteed
$1.0 B: Guarantee and application fees received
Guarantees-in-force (as at) Dec. 31, 2021: $461 B
Mortgage funding capital available to capital required: 279%
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Michel:

We also insure mortgage financing for the construction and purchase of multi-unit residential properties. In 2021, our multi-unit insurance product helped support the construction of more than 168,000 housing units. Multi-unit residential volumes decreased in 2021, driven by a decline in refinancing units.

Eligibility was discontinued, effective July 1, 2020, except when funds are to be used for repairs or reinvested in housing.

This decrease is slightly offset by increases in new construction, driven by the Rental Construction Financing initiative and purchases of existing properties, due to the progressive recovery of our economy in 2021.

At the end of 2021, our total insurance-in-force stood at 401 billion, a decrease of 30 billion dollars, or 7%.

The arrears rate, an indicator of the health of our insurance-in-force, includes all loans over 90 days past due as a percentage of outstanding insured loans. This rate went from 0.34% in 2020 to 0.28%, in 2021, which is in line with Canadian employment and house-price trends.

Moving to mortgage funding, we promote stability in the Canadian financial system by providing access to funding for mortgages.

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The text panels on the left screen are replaced with a photo of a man and woman seated at a table, smiling at each other and each holding a cup of coffee or tea. To the right of the photo, the following white text appears on a purple and blue background:
By 2030, everyone in Canada has a home that they can afford and that meets their needs.
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Michel:

In 2021, the government brought the annual limit for National Housing Act mortgage-backed securities back to 150 billion dollars, and the limit for Canada Mortgage Bonds back to 40 billion dollars.

These limits had been increased, respectively, to 295 billion dollars and 60 billion dollars in 2020 in order to support financial stability and contribute to overall market liquidity in response to the pandemic.

In 2021, we provided guarantees for more than 144 billion in mortgage-backed securities and 40 billion in Canada Mortgage Bonds, a decrease when compared to 2020.

The decrease is a result of the termination of our Insured Mortgage Purchase Program as well as the expiry of the temporary Canada Mortgage Bond limit increase to provide financial institutions with liquidity, as I've just mentioned.

Guarantee and application fees received increased by 104 million, or 12%, due to our price increases for NHA mortgage-backed securities, effective January 1, 2021, which was partially offset by lower volumes.

At the end of 2021, our guarantees-in-force were at 461 billion dollars.

As Canada’s national housing agency, we will continue to respond and be there when Canadians need us most.

Budget 2021 and, more recently, Budget 2022 confirmed that the Government of Canada will continue to look to CMHC to support Canadians. Our 2030 aspiration is clear, and we will continue to manage the public resources entrusted to us prudently, for the benefit of all Canadians.

I'd like to join Romy and Derek in thanking our employees for their hard work in pursuing our vision of affordable housing for all. We owe our results to their drive and determination.

Thank you very much for your time.

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The left screen switches to a split screen, with Marie-Anna Murat on the left, and Michel Tremblay on the right.
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Marie-Anna:

Thank you very much, Michel.

We'll now move on to the question period of the Annual Public Meeting. We will begin with questions from the public, which were submitted online during the registration process. Questions will be answered in the language in which they were submitted.

So, question number 1, and I believe it will be answered by Mrs. Bowers:

The question is inquiring how CMHC is supporting the mandate of the Housing Advocate, especially with monitoring.

Romy:

Thank you very much for the question, Marie-Anna.

And I think it was really a great news story this year, that there was the appointment of the first-ever Housing Advocate.

And, with respect to monitoring, I think what I'd like to highlight is that the Office of the Advocate is actually housed within the Canadian Human Rights Commission.

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Michel disappears and the video switches to a full-screen image of Marie-Anna
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Romy:

And the role is an independent role that provides oversight of the National Housing Strategy.

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The video switches to a split screen, with Marie-Anna on the left and Romy on the right.
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Romy:

So, from the perspective of the relationship with CMHC, it is an independent relationship.

But of course, we will be providing the Advocate with any information about housing or any of the programs that we would administer on behalf of the government.

Thank you.

Marie-Anna:

Thank you.

Question number 2:

It's hard to understand how it took decades for governments and the media to notice that a housing crisis was on its way.

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Romy disappears, and the video switches to a full-screen image of Marie-Anna.
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Marie-Anna:

Yet, all 10 governments, over 40 years, set it up when they stopped the housing program of 20K units – 20,000 units a year – in the 1970s to 1980s, and stopped all funding in 1993.

Meanwhile, the population grew by about 15 million and, to the shame of us all, the homelessness count increased to about 250,000, and millions of Canadians can't find a place to live. How is that not noticed?

I believe Nadine Leblanc will be answering that question.

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The video switches to a split screen, with Marie-Anna on the left and Nadine Leblanc, CMHC’s Senior Vice-President of Policy, on the right. Nadine is dressed professionally, with a white V-neck shirt under a grey jacket. She is also wearing glasses and a microphone headset.
Above the video of her, at the top-right corner of the screen, a white rectangle appears with the following text written on it:
Nadine Leblanc
Senior Vice-President, Policy
Première vice-présidente, Politiques
It stays on the screen for about 5 seconds before disappearing.
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Nadine Leblanc, CMHC’s Senior Vice-President of Policy:

Thank you for the question.

I'd like to start us off by saying CMHC continuously analyzes house price escalation and, also, supply and demand gaps.

And actually, before the pandemic, there was a lot of work done by CMHC and BC Housing expert panel to really amplify the need to add additional supply. The reality is that supply hasn't been keeping up with the demand.

And there are a lot of complexities in this space. There is definitely some impact that is being caused by income, interest rates. There's migration, immigration.

That all is contributing to the demand versus supply gaps that we're seeing today and definitely impacting housing affordability.

We all know that the pandemic has contributed quite a lot to vulnerable populations and people made homeless. And so it is fair to say that we need to do a lot more. And CMHC cannot do this alone.

So we need all Canada to contribute to really solve for the housing affordability problems that we see today.

And absolutely, the National Housing Strategy and the investment made by the federal government of 72 billion over the next 2 years is helping. Is that enough? The answer is no.

And we're certainly happy to hear that more is coming through the federal Budget 2022, especially with the accelerator fund for the supply issues that we see.

But there's a lot more also that are targeting vulnerable populations, such as the Rapid Housing Initiative.

So, more to come, but fair to say that we absolutely need to do more in this space.

Marie-Anna:

00:36:44:02 - Thank you, Mrs. Leblanc.

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Nadine disappears and the video switches to a full-screen image of Marie-Anna.
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Marie-Anna:

Third question, in French this time:

How can one find an affordable house?

Mr. Bob Dugan, our Chief Economist will answer this question.

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The video switches to a split screen, with Marie-Anna on the left, and Bob Dugan, CMHC’s Chief Economist, on the right. Bob is dressed professionally in a blue and white dress shirt, red tie, and dark grey jacket. He is wearing glasses and a microphone headset. He is seated in what appears to be a home office.
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Bob Dugan, CMHC Chief Economist:

Thank you for the question. This is a very good question.

This is a question that concerns an increasing number of Canadians.

Affordability of housing has decreased since the beginning of the pandemic. On average, the price of housing increased by 20% and more. And, during that time, the available income increased by only 2.7%.

Therefore, there is a decrease of affordability which was also seen in rental housing. Rents also increased by 3.1%, while income increased by only 2.7%.

As the question said, it is very difficult to find a house at an affordable price, as we speak.

We believe that supply is not following the pace of demand, which has a direct impact on the prices of houses.

Through CMHC, the Government of Canada collaborates with provincial and territorial partners to provide funding to reduce the number of Canadians in need of affordable housing and having a hard time finding affordable housing that is in good condition.

Provinces and territories also offer affordable housing programs that are not funded through affordable housing initiatives.

Marie-Anna:

Thank you very much.

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Bob disappears, and the video switches to a full-screen image of Marie-Anna.
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Marie-Anna:

Fourth question, also in French:

Will the maximum price of a house in the property access program be increased? It is now four times the salary, which is very little for a person living alone in the present conditions.

Caroline Sanfaçon, could you take this one?

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The video switches to a split screen, with Marie-Anna on the left, and Caroline Sanfaçon, CMHC’s Senior Vice-President of Client Operations, on the right. Caroline is dressed professionally in a black turtleneck under a white jacket, and is seated, wearing a microphone headset, in what appears to be an office.
Above the video of her, at the top-right corner of the screen, a white rectangle appears with the following text written on it:
Caroline Sanfaçon
Senior Vice-President, Client Operations
Première vice-présidente, Opérations clients
It stays on the screen for about 5 seconds before disappearing.
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Caroline Sanfaçon, CMHC’s Senior Vice-President of Client Operations:

Thank you.

The program, first property program allows Canadians to access, to buy a first property that is affordable.

So that means the total of the mortgage should not be four times above the yearly available income.

However, this is not always possible in areas such as Vancouver, Victoria or Toronto.

And, as announced, we will keep working with the Department of Finance to keep improving the program and adjust it as needed.

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Caroline disappears, and the video switches to a full-screen image of Marie-Anna.
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Marie-Anna:

Thank you very much, Caroline.

Question number 5:

I'm delighted to see financial supports for increased housing in Canada. The 20+ year gap of trying to keep up with demand is challenging. Please comment on the three following points:

So I will start by asking Mrs. Pam Hine to answer the first point, which is: CMHC's commitment to co-op housing as criteria for funding in Canadian municipalities.

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The video switches to a split screen, with Marie-Anna on the left, and Pamela Hine, CMHC’s Vice-President of Multi-Unit Housing Solutions, on the right. Pamela is dressed professionally in a red top, and is seated in what appears to be a home office.
Above the video of her, at the top-right corner of the screen, a white rectangle appears with the following text written on it:
Pamela Hine
Vice-President, Housing Solutions – Multi-unit
Vice-présidente, Solutions de logement – Immeubles collectifs
It stays on the screen for about 5 seconds before disappearing.
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Pamela Hine, CMHC’s Vice-President of Multi-Unit Housing Solutions:

Thank you, Marie-Anna.

And we too are very pleased with the ongoing commitment of the federal government, both within Budget 2021, 2022, and also the intent of the National Housing Strategy.

So, specifically about the co-op housing:

We are pleased to see that Budget 2022 allocated more investments towards co-op housing.

We know that co-op housing offers quality, affordable housing to Canadians, while empowering their members through inclusion, personal development, and security of tenure through their community-oriented model of housing.

Budget 2022 proposes to reallocate 500 million in funding on a cash basis, from the National Housing Co-Investment plan to launch a new co-op housing development program, aimed at expanding co-op housing in Canada.

This new program will be co-developed with the Cooperative Housing Federation of Canada and the co-op housing sector.

Budget 2022 also proposed an additional 1 billion in loans to be reallocated from the Rental Housing Financing initiative to support co-op housing programs.

So again, the commitment is there, and we look forward to working with our partners in the design.

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Marie-Anna:

Okay, so the second part of the question relates to non-profits and church land partnerships to get more creative on long-term affordable housing.

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Pamela:

As mentioned by previous presenters, and in the National Housing Strategy, it's recognized that we can't reach our aspiration alone. We need to engage with all participants.

We will continue to strengthen existing relationships and build new ones with an objective to drive our outcomes. We're seeking bold new approaches, backed by innovative solutions. An all-of-Canada approach, anchored in new, even non-traditional partnerships such as church land, as the question identified.

We're engaging with many organizations across the country, including public and private housing participants, to seek bold new approaches, backed by innovative solutions, to create new, affordable housing solutions.

Marie-Anna:

And, finally, the third part of the question relates to the tiny house movement, funding and criteria.

Pamela:

And again, I think the National Housing Strategy gives us, not only the permission, but encourages us to look at all solutions. And through the programs, including the Rapid Housing Initiative, we've been able to help address housing challenges for people in severe housing need.

Many of the Rapid Housing Initiative-funded projects have been through the form of tiny homes or modular housing.

The National Housing Strategy has a variety of programs to support all types of affordable housing, so whether it's a multi-unit, rental construction or a new development of tiny homes.

Thank you for your question.

Marie-Anna:

Thank you very much.

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Pamela disappears, and the video switches to a full-screen image of Marie-Anna.
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Marie-Anna:

Question number 6, that we have received:

CMHC has been financing and insuring 95% LTV mortgages, where buyer cash-back inducements are buried in the paper trail that CMHC never has access to.

I would like Mrs. Kathleen Devenny to answer that question please.

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The video switches to a split screen, with Marie-Anna on the left, and Kathleen Devenny, CMHC’s Chief Risk Officer, on the right. Kathleen is dressed professionally, in a white blouse and silk floral scarf. She is wearing glasses and white earbuds. The room she is in is blurred.
Above the video of her, at the top-right corner of the screen, a white rectangle appears with the following text written on it:
Kathleen Devenny
Chief Risk Officer
Chef de la gestion des risques
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Kathleen Devenny, CMHC’s Chief Risk Officer:

Sorry I was on mute.

Thank you, Marie-Anna, for the question.

So, federal government regulations, which are set out by OSFI, prevent mortgages with a cash-back down payment to be provided by either financial institutions or to be insured by a mortgage insurer.

Thank you.

Marie-Anna:

Thank you, Kathleen.

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Marie-Anna:

So, again, a question for our chief economist, Mr. Bob Dugan:

Why does CMHC actively promote using real estate agents and implying credibility to CREA stats, when CREA is just a simple trade association, protecting its members' incomes with a membership that commonly sees the median member failing to sell a single home in a calendar year?

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Bob:

Thanks very much for that question.

I would start by saying that, you know, CMHC doesn't encourage or discourage use of real estate agents. That's an individual decision as to how you sell your home. But we do make use of data from the Canadian Real Estate Association, because it provides readily available source of transaction data on the housing market.

So, from CREA, we can get information on home sales, the supply of homes that are for sale and also information on house prices. And so, that's very important information, and we use this, along with other sources, in order to get a very good picture of what's going on in the housing market.

So, we have CREA as a source, but we have other sources as well. We can get house price information from Statistics Canada, from other organizations.

And so, we try to use as broad of a spectrum of data that's available to us as possible, in order to have as accurate a picture of what's going on in the housing markets so that we can share that intelligence with Canadians.

Marie-Anna:

Thank you, Mr. Dugan.

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Bob disappears, and the video switches to a full-screen image of Marie-Anna.
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Marie-Anna:

Another question from the public:

Could you please address the rapid, controllable rising costs of mortgages, as condo and property-tax payments are forcing landlords, who are mostly retired seniors, to suffer from mandatory rent-controlled income to struggle to pay those monthly obligations?

Again, I would ask Nadine Leblanc to answer that question.

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Nadine:

I would say that rent controls are regulated by provinces, to start off with.

But I do want to say that, certainly acknowledge that the pandemic has definitely impacted seniors across Canada over the past few years, and it is important that we continue investing in people in core housing need and made vulnerable in housing.

And so, for that specific, um.... to vulnerable populations and those made in core housing need, including, in our definition, seniors.

Last year, or… was it the year? Yes, 2020. We did launch, with the help of provinces and territories, the Canada Housing Benefit, over 4 billion that is helping Canadians that are vulnerable across Canada. And I'm happy to say that that initiative is well underway.

We are also very pleased that, through Budget 2022, there was an announcement of 475 million that will support, again, people in core housing need.

And this is a one-time payment of 500 dollars for Canadians, again, in core housing need.

So, more to come on that, but definitely needed to support people in core housing need.

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Marie-Anna:

Can CMHC supply data and methodology that is used to prove house prices have changed in any months in the last 42 years?

Mr. Dugan, could you reply to that question please?

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Bob:

Absolutely. And again, thanks for the question.

We actually have a wealth of data that we use in order to track changes in house prices over time. So, thinking about homeownership, we have our own surveys here at CMHC: the Starts and Completions Survey, as well as the Market Absorption Survey, and, from that, we get information.

And, well, we collect prices and get information on prices for new singles and semis in centres with populations of 50,000 or more. And we've been collecting that since about 1990.

We also have information that we collect through our surveys on new condos, the prices of new condos, and we've started that in the 2017–2018 timeframe.

So we have lots of information on house prices. And, to our own surveys, we add information from things like... I talked earlier, in a previous answer about, from CREA. We get information on average house prices, and data for that goes back to about 1980.

CREA also produces an MLS Home Price Index, which is more of a hedonic price index that controls for changes of quality of homes over time. That goes back to about two-hundred and twelve, published since 2012.

And there's also the Teranet-National Bank Price Index, as well, that's a quality-adjusted measure of house price changes in Canada.

So, we have many sources and we also have many models that we use in order to try to help explain what are some of the contributing factors to these house price changes.

And so, for example, for many years, we've been publishing information on what we call our Housing Market Assessment, where we have models to try and determine the extent to which these house prices are supported by fundamental factors. Things like, you know, income, mortgage rates, population growth, these kinds of things.

So, we can get an assessment of the sustainability of the price growth that we've seen over time.

And so, a lot of information. A lot of it we share publicly on our website and is available to all Canadians.

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Bob disappears, and the video switches to a full-screen video of Marie-Anna.
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Marie-Anna:

Thank you very much, Mr. Dugan.

This gives us a good perspective on what is happening as we speak.

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The video switches to a split screen, with, on the left, the image from the beginning of the presentation: a family of three (father, mother and little girl) smiling at each other. To the right of this, the following text is visible on a purple and blue background: Building Housing Solutions Together – Media Questions.
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Marie-Anna:

We'll go to questions from the media.

I will ask members of the media to limit their questions, please, to today’s presentation, as well as the content of the Annual Report.

You can each please ask one question and one additional question and if, at the end, you need a supplementary question, I will ask you to kindly wait for your other colleagues to ask this question before we go back to you.

So, we are ready for our first question.

I would also ask you to please direct your question to one member of the executive committee, so that person knows that it is addressed to her or him.

Operator (name of person not specified):

Thank you.

If you would like to ask a question, please press, "star 1" on your touchtone telephone.

If you are using a speakerphone, please make sure your mute function is turned off.

Once again, if you would like to ask a question, please press, "star 1." 

And we do have a question from Greg Quinn, with Market News International.

Marie-Anna:

Mr. Quinn?

Greg Quinn, from Market News International:

Hello, yes, hi.

I'll see if this… maybe Madame Bowers can answer this question. I wondered: What is the risk of a housing correction now, to the ... correction...

What's the risk of a housing correction either in the Canadian economy or the financial system, and are any of these public policies aimed at encouraging new buyers adding to the risks of a correction?

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Romy:

Thank you very much for the question.

I don't think I can, I'm in a position to, you know, forecast a correction or to predict one, but it's something that CMHC is very vigilant about: changes in the housing market, and we are monitoring things very closely.

Just from our historical experience, the thing that results in financial losses for us, as a mortgage insurance company and guarantee provider, are typically economic downturns that result in job losses.

So we're in a... a very… Our economy is quite robust at present, but we know that there are uncertainties on the horizon. The war in the Ukraine has, I think, unsettled the global economic environment. We have continuing supply chain issues, and then there is this issue of high inflation, and I think there's a lot of discussion about the need to bring that under control. And I think these are some of the uncertainties that will impact the robustness of the Canadian economy, and we're watching the development of this very carefully.

Having said all that, I'm very confident in the risk management capabilities of CMHC.

Over the last 10 years or so, there's been a number of actions taken to ensure that our capital levels are sufficient and that we're pricing our commercial products to take into account all unexpected risks. So, again, it's hard to predict the future with any degree of certainty.

But I feel, you know, confident in the strengths of our organization to respond to any economic stresses that may come in the future.

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Marie-Anna:

Thank you, Romy.

Romy:

Thank you.

Marie-Anna:

Do you have a supplement question?

Greg:

Yes. You mentioned some of the goals around the 2030 goal of, around, Canadian housing. I've noticed as well that there is a goal of almost doubling the pace of home construction. And some commercial banks have kind of pointed out, you know, that really hasn't been seen since the 1970s.

So, I'm wondering if you can discuss in more detail: How realistic are these goals of boosting housing supply so much and getting so many Canadians into homes?

Are these goals that are ambitious or unachievable or really just aspirational goals?

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Romy:

So, you're aware of the historical housing starts, as well as I do, and I think there was a, sort of, language in the budget that we basically have to double the current pace of house construction, which is very difficult to do, given supply chain constraints and, there's been a lot of discussions about that, you know, we have a serious shortage of skilled labourers.

So, I think it's great that we're having discussions about supply, but I think there's a lot of uncertainty about how we're going to achieve that.

And I think what's really important is to really, as Canadians, start having the discussions, having debates about the amount of supply that is actually needed and think about ways that we can actually address the mismatch between demand and supply that has developed over a number of decades.

It's not something that...you know, supply responses are very slow, and it takes time to correct it, but I think it's really... The theme of this meeting today is on partnerships, and I think the thing I would like to highlight is that we need to start talking about this issue, more robustly as a country and think about ways to really close that gap between supply and demand.

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Romy disappears from the right side of the split screen and is replaced by video of Marie-Anna.
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Marie-Anna:

Thank you, Romy. Thank you, Mr. Quinn, for your question. If you have any other ones, we'll get back to you shortly.

Do we have another question?

Operator:

Yes, we do.

Our next question will come from Rachelle Younglai with Globe and Mail.

Rachelle Younglai, from The Globe and Mail:

Hi, can you hear me?

Marie-Anna:

Yes, we can.

And your question will be addressed to?

Rachelle:

Oh, OK.

Oh, to Romy.

Hi, I'm wondering: When do you think that your mortgage insurance volumes will revert back to normal levels?

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Romy:

So, as you know, we made some underwriting changes that resulted in a decline of our insurance volumes, from the high 40s to the mid-20s and we've been making a concerted effort to do what we can to win back some of our business.

I don't know... you know, we have two very effective competitors in the commercial mortgage insurance space, so, I think the last time I was updated, I think our market share is up to about 35%.

But again, it's really hard to know if we will attain the, sort of, pre-pandemic levels of market share. But, as we're mandated to do through the National Housing Act, we're going to try to run our commercial business in the most effective and efficient way we can and earn the business from our competitors.

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Romy disappears from the right side of the split screen and the video switches to full-screen video of Marie-Anna.
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Marie-Anna:

Do you have a supplementary question?

Rachelle:

Can you confirm that…Yes: Can you confirm that your market share pre-pandemic was 50%?

Romy:

It was, uh, it was 47%.

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The video switches back to a split screen, with Marie-Anna on the left, and Romy on the right. Romy’s video flickers between video of her and a black screen.
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Romy:

So, pretty close, 50% is fine.

Rachelle:

47, okay.

Marie-Anna:

Thank you very much.

We'll go on to the next question from another journalist.

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Operator:

Absolutely.

Our next question comes from Robert McLister with MortgageLogic.

Marie-Anna:

Mr. McLister, your question would be addressed to?

Robert McLister, from MortgageLogic:

Whoever is handling securitization questions. I'm not quite sure, to be honest.

But my question is: The CMHC is a critical backer of mortgage competition in Canada, and that’s a function partly of its securitization guarantees.

So, do you see anything, or foresee anything that could reduce CMHC’s mortgage securitization guarantees in the next few years, or reduce the appetite to securitize mortgages?

Marie-Anna:

I will ask Mr. Michel Tremblay, our Chief Finance Officer to answer that question.

Michel:

Sure, so thank you for the question.

So I think, the ques...

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Michel:

It's a hard one to answer, to predict these things but, right now, there’s not… it is still one of the cheapest forms of funding for the financial institutions, short of deposits, which are still much more economical for them.

But I think we have made efforts through our successive price increases to try to stimulate other markets, other participants.

So far, it hasn't been too successful, so we don't predict right now that there’ll be a significant change in our volumes.

Marie-Anna:

Mr. McLister, does that answer your question, and do you have a supplementary one?

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Robert:

That does answer my question yes, thank you.

Marie-Anna:

Thank you.

Do we have another journalist with a question?

Operator:

Once again, if you would like to signal with questions, please press "star 1" on your touchtone telephone.

Again, that is "star 1." 

We do have an additional question from Robert McLister, with MortgageLogic.

Robert:

Hi, sorry, sorry, one more:

Has CMHC reviewed the potential of increasing the property value limit for CMHC default insurance following the government's proposal to potentially increase it to 1.25 million?

Marie-Anna:

I would direct that question, again, to Michel Tremblay.

Michel:

Yes, thank you, Marie-Anna.

So, thank you for the question.

So the mortgage parameters, or mortgage loan insurance parameters, are actually under the purview of the Minister of Finance.

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Michel:

So, CMHC does not set those standards.

There are parameters – the industry calls it "the sandbox." So, that is actually set by the Minister of Finance, so we may be consulted on it, as would our competitors, but we are not the ones making the decisions on that.

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Robert:

Okay, I was just wondering if you had been consulted on it.

Marie-Anna:

Thank you, I believe Michel Tremblay answered that question.

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Marie-Anna:

I think we have a supplementary question from Mrs. Rachelle Younglai?

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Marie-Anna:

Is that the case, operator?

Operator:

Um, our, actually our next question will come from Rachelle Younglai with Globe and Mail.

Marie-Anna:

Thank you.

Rachelle:

Hi, I’m wondering if CMHC would consider... Hello?

Marie-Anna:

Yes, we can hear you.

Operator:

Go ahead please.

Rachelle:

Hi, would CMHC consider changing its underwriting standards to increase its insurance volume?

Marie-Anna:

Again, I would defer that question to Michel Tremblay.

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Michel:

So the answer to that is: We would not do it again. We want to protect the interest of the Canadian taxpayers, so we would not do something just to increase our market share.

We manage risk prudently, so we would manage our business prudently. We would do something if it made sense to do so. So we want to make sure to also protect Canadians who are entering into their home purchase so that they don't overextend themselves as well.

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Marie-Anna:

Thank you, Michel.

Any other questions, operator?

Operator:

At this time, there are no further questions.

Marie-Anna:

Thank you very much for joining us today, and this concludes our Annual Public Assembly.

I would like to thank our President of the Board of Directors as well as all the members of the executive committee, our employees and the audience.

Thank you for your participation.

I wish you a very good day.

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Marie-Anna disappears, and the same image from the beginning of the video appears, the only difference being “Thank you!” appears where “2021 Annual Report” was in the image from the beginning:
The screen is split in two by a vertical line. On the left side, a family of three (father, mother and little girl) smile at each other. On the right side, the following text is written: Building Housing Solutions Together – Thank you! On both sides, the background colour is dark blue and purple. A white banner runs across the entire bottom of the screen. On the left side of the banner, the text “CMHC.ca” is written. On the right side of the banner are the Canada Wordmark and the bilingual CMHC logo.
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