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Why Housing Matters

December 3, 2015

Speaking Notes for Evan Siddall, President and Chief Executive Officer Canada Mortgage and Housing Corporation

Board of Trade of Metropolitan Montréal
Palais des congrès de Montréal
1001 Place Jean-Paul-Riopelle
Montréal, Quebec

Check against delivery

Thank you Madame Labelle, and thanks to all of you for that warm welcome. It’s great to be here, in a city that holds a special place in my heart and in our nation’s history.

Montreal is for me the most Canadian of cities … a cosmopolitan city where French and English are spoken effortlessly, where hockey is a religious experience, where any culture can thrive, and where our founding peoples co-exist as an example to the world of tolerance and mutual affection.

I remember with great pride attending the rally at Place du Canada in 1995, when thousands of us begged you to remain with us within Canada. From one Anglo, thank you — even 20 years later — for keeping your distinct society as part of our country.

So I would like to begin by thanking the Board of Trade of Metropolitan Montréal for the opportunity to be here and to speak about something that is of great importance to me personally, and I believe to all Canadians. And that is “Why Housing Matters.”

Think for a moment about the many benefits that good housing brings us as individuals, as families and as communities. Not just in terms of keeping us dry and warm — essential in a climate like ours — but also in providing a safe, stable place to raise our families. And for the homeowners among us, helping us to build a store of wealth and financial security.

Today, I want to make the case that residential security — a place to call home — is a source of dignity with benefits that radiate to a family, a community, a world-class city like Montréal and a great country like ours.

So let’s take a few minutes to consider why housing matters. I’m also going to talk about some of the challenges facing our housing system, and about why CMHC is integral to the health of our housing system.

Perhaps the best place to start is with the pocket book. We know that shelter-related costs account for a significant draw on the budgets of Canadian households. For the average Canadian household, housing costs amount to a little over one-fifth of total income.

But for those who find themselves in the bottom 20 per cent of income earners, housing costs are a much greater burden, claiming closer to 40 per cent of their income — almost double the Canadian average, for the people who are least able to afford it.

This can make for difficult choices for low-income households. By reducing the resources available for other necessities — like food, healthcare and education — high shelter costs can make it harder for families to stay healthy and to support their children’s education and development.

The linkages between good housing and good health have recently been brought into sharp focus by Montréal’s Director of Public Health, Dr. Richard Massé, who I’m pleased to say is with us today.

Dr. Massé found that almost half of Montréal renters who spent more than 30 per cent of their income on rent reported having difficulty making ends meet every month, with one in four indicating they did not have enough food.1 His conclusion was direct and to the point:

“The problem caused by access to affordable housing prevents thousands of Montrealers from eating properly. We must quickly come up with solutions, because a poor diet can cause many health problems, including diabetes, high blood pressure, cardiovascular diseases, obesity and several cancers.”

Dr. Massé makes an important connection between affordable housing and diet — and it goes well beyond just that. In fact, the Canadian Paediatric Society has warned that “living in housing need can negatively affect all aspects of child and youth physical, mental, developmental and social health.”2

By depriving children of a quiet space to study, read and do homework, crowded living conditions can compromise their educational success.3 And where residential insecurity leads to frequent moves, children’s readiness for school, the continuity of their education and academic performance can be negatively impacted, with longer term consequences for future employment and earnings.

For example, researchers in the U.S. have found that residential instability is significantly associated with children’s readiness for school at the age of five.4 And that a move during childhood resulted in nearly a half-year loss in educational attainment; moving three or more times lowered later earnings by 52 per cent.5

Closer to home, a CMHC-funded survey of Habitat for Humanity homebuyers found that participants reported across-the-board improvements in their children’s well-being and school performance since obtaining their homes.6

Relatedly, a recently completed assessment of the “social return on investment” of Habitat for Humanity Canada’s activities documented a variety of positive impacts, including increased employment quality, a reduction in the use of food banks, and increased levels of voluntarism and civic engagement.7 It estimated that for every dollar spent on Habitat’s activities, about four dollars of benefits accrue to society.

Housing therefore matters so much more beyond providing shelter. When we help low-income households access the housing they need, we are doing more than putting a roof over their heads. We are helping to build a foundation for broader social and economic success for these families.

Research also tells us that both the type of housing intervention and the broader community context are important factors that mediate success.8

As not all households have the same needs, and market conditions vary from one location to another, a range of interventions, including rental assistance and renovation assistance to improve housing quality, have a place in the toolkit. And the importance of family and community supports, and of training, education and employment opportunities, are not to be underestimated. 

Good housing doesn’t take the place of other key ingredients for success, but it demonstrably does provide the stability from which to leverage better outcomes. And its absence makes it that much harder for vulnerable Canadians to get ahead.  

So, clearly, housing matters at a micro-economic level — to individual families and households. It also matters at the macro-economic level — to Canada’s broader economic and financial stability.

A strong housing sector supports a robust economy, in part by creating jobs for Canadians in the construction and renovation sector and generating spin-off benefits in related industries. Overall, housing added $334 billion to Canada’s Gross Domestic Product in 2014 — roughly one-sixth of GDP. And the construction sector itself accounts for about seven per cent of total employment in Canada.

Our review of the international research confirms that housing security and housing markets play an important role in supporting social and economic stability. It points to the benefits of housing affordability and ensuring stable, secure housing, both rental and ownership.9

The literature also suggests that, while tax policies favouring homeownership are popular in some advanced economies, too great an emphasis on homeownership over other forms of tenure can adversely affect economic stability. Among other things, this can encourage excessive leveraging, increased consumption at the expense of savings, and a shift in economic resources and capital away from other investments that might have a more powerful economic effect.

Indeed, some analysts have also questioned whether too much homeownership contributes to higher levels of unemployment— something referred to as the “Oswald hypothesis” after the work of the British economist.10 The thinking here is that homeowners are less likely to move than renters and that they are more likely to limit their job search to their local area.  If true, this behaviour could lead to higher aggregate levels of unemployment.

We asked Dr. Mario Fortin, from the Université de Sherbrooke’s Department of Economics, to have a closer look at what the international research and data would suggest for Canada. He observed that international studies do indeed find a positive correlation between levels of homeownership and overall unemployment rates, and that homeowners are less mobile than renters.

At the same time, however, other research suggests that homeowners are not more likely to be unemployed than renters.11 There may be a number of reasons for this. Many of the personal conditions that enable people to become homeowners are also likely to improve their employability. And the need to make your mortgage payment is a strong motivator to stay employed. 

In the end, we may have the balance in Canada “just right,” like Goldilocks in the old children’s tale.

So while housing can contribute to broader stability, problems in the housing sector can nonetheless be a sign of wider financial instability — or, in some cases, the cause of instability. The architecture of the housing financing systems of different countries can contribute to or hinder the financial stability of their housing markets.12

The clearest recent example is the U.S. in the period leading up to the global financial crisis, when lax lending standards, the renting out of an implicit government mortgage guarantee, regulatory weaknesses and other factors led to a collapse of housing markets, which in turn led to crisis in the entire global financial system.

The situation was different in Canada, where sound underwriting practices coupled with a robust policy and regulatory framework helped make housing a source of economic strength rather than instability.13

CMHC’s stabilizing presence also helped. We are not organized with the conflicts of interest inherent in the Fannie and Freddie models. Freed of the risks of losing our investors’ confidence, we continued to offer mortgage loan insurance and securitization programs throughout the economic downturn, so that qualified borrowers had uninterrupted access to financing to purchase homes and develop rental projects.

Through a temporary initiative called the Insured Mortgage Purchase Program, we also ensured that Canadian banks continued to have access to longer-term funds for lending to consumers, homebuyers and businesses. As a result, Canadian lenders avoided most of the liquidity problems that caused crisis in housing markets elsewhere.

We need to build on this success, not assuming the next battle will look like the last. In other forums, I’ve talked about work we are doing at CMHC to strengthen our financial system.

And while Canada has a robust housing system overall, a number of pressure points are currently on our radar.

Housing affordability is a key concern. While the majority of Canadians are well housed, about 20 per cent of households are unable to meet their housing needs in the marketplace. Since housing matters, we must ask how we can responsibly help.

Around 12.5 per cent of Canadian households, just under 1.6 million in total, are in core housing need. Here in Montreal, the figure is 13.3 per cent, or just over 200,000 households.

Housing affordability is far and away the most common reason for households falling into core housing need, affecting almost 90 per cent of households in need.

Worse still, First Nations reserve communities experience some of the most challenging housing conditions in Canada. As a country, our record on housing on-reserve leaves a lot to be desired.  We must do better. And since Canada’s Aboriginal population is growing rapidly, we are falling further behind.

Moreover, crowding affects one in five on-reserve Aboriginal households, and almost 40 per cent live in dwellings in need of major repair. And mould or mildew is an ongoing health concern for many on-reserve households.

Earlier this year, I travelled to Nunavut with other members of CMHC’s Board of Directors to see first-hand how much “housing matters” in the North. I was in the Northwest Territories a month ago and I will return to Nunavut in January.

In the North, the economic and social impact of unmet housing need stare you straight in the face. As many as one in two Inuit households are in core housing need in their traditional homelands.

We must attend to the unique needs and realities in our breathtakingly beautiful northern regions, and no longer export southern thinking to a very different series of needs.

Beyond current needs, one of the looming future changes is the aging of the Canadian population. Nearly one in four Canadians is expected to be 65 or older by 2036.

Will the new generation of seniors want to remain in their current homes as they age, or will they be moving into housing that better suits their needs?

CMHC continues to research the evolving housing needs of Canada’s aging population, of northern communities and First Nations, to provide homebuilders, housing providers and policy makers with the information they need to respond to those needs. We take this responsibility, as well as our role to advise Government on housing policy options, very seriously.

Turning to Canada’s housing and housing finance systems, our foundations are strong overall, but a number of areas of vulnerability currently have our attention. The health of our housing markets matters, too. So CMHC has been trying to share even more data and research to support healthy markets and decision making.

At CMHC, we monitor potentially problematic housing market conditions through the lens provided by our Housing Market Assessment (HMA) framework. It looks at four key factors: overheating of demand, acceleration in house prices, overvaluation in house prices, and overbuilding in the housing market.

Overvaluation is now detected in 11 Census Metropolitan Areas, an increase from eight in the August 2015 release.

Here in Montréal, the HMA points to moderate evidence of problematic market conditions due to overvaluation and concerns of overbuilding, particularly of condominium apartments. The strong evidence of overvaluation reflects slower growth in first-time homebuyer demand, combined with relatively modest growth in personal disposable income. The number of condominium units completed and unsold has risen significantly over the past two years. Developers need to manage inventories to ensure that the currently elevated number of condominium units under construction do not remain unsold upon completion.

Our Housing Market Assessment framework is a good example of how CMHC translates housing data and analysis into insights that support informed decision making. That said, we recognize there are significant data and information gaps and we are working to identify and fill them.

The impact of foreign ownership on Canada’s housing markets is one of the higher profile examples. A lack of accurate and reliable data makes it difficult to determine if or how foreign ownership may be affecting the market. Foreign investment may be more mobile and subject to capital flight, which could increase volatility in domestic housing markets.

We are exploring ways to gather more information on foreign ownership of condominium apartments through our Rental Market Survey. We released the latest results from this survey today. Across the 16 CMAs surveyed, the percentages of foreign ownership of condominiums were highest in Vancouver and Toronto. No surprise: these are Canada’s largest and most international cities.

In Vancouver and Toronto, shares of foreign ownership have increased compared to 2014, while here in Montréal the share of foreign ownership has remained relatively stable, at 1.3 per cent.

While our survey results provide a single line of evidence of low shares of foreign ownership of condominiums in these centres, additional analysis has been done for the Montréal and Quebec CMAs. Based on CMHC’s study of municipal assessment data in the Quebec region, the share of foreign investment in Montréal is low.

It’s clear that we need to capture more detailed information on both foreign ownership and investment intentions, to better inform the Canadian government and housing market participants.

So how do we fit in? Why does CMHC matter?

Combining significant commercial operations in the areas of mortgage loan insurance and securitization with our market analysis and research functions and support for assisted housing, CMHC is truly at the heart of Canada’s housing system.

With insurance-in-force of over half a trillion dollars and securitization guarantees of nearly another half trillion, we are Canada’s largest Crown corporation. We have earned $15 billion in profits over the past 10 years.

As CMHC plays a significant role in the housing finance system, we need to be a best-in-class risk manager supported by a consistent risk culture across the organization. 

We are mindful of the fact that CMHC is an important instrument that the Government of Canada can use over the course of an economic cycle to facilitate access to housing and promote financial stability. Canadians need to be able to count on us in both good times and bad.

Helping Canadians meet their housing needs also includes working with the provinces, territories and other stakeholders to support low-income households and others who need access to affordable housing. On behalf of the Government of Canada, we provide an annual federal investment of about $2 billion in housing to help ensure that those most in need have a place to call home.

There are many examples of CMHC’s footprint here in Montréal. In fact, throughout our almost 70-year history, CMHC has played an important role in shaping the evolution of social housing in this city.

Of course, we have not done so in isolation, but through strong and ongoing collaboration with our provincial partners at the Société d’habitation du Québec, with municipalities like the City of Montréal, and with not-for-profit housing groups and organizations like Habitat for Humanity.

Providing information and insight is another critical role for CMHC in Canada’s housing system. We are focusing our research where we can best contribute to a well-functioning Canadian housing system. And that includes strengthening our evidence base on why housing matters.

For example, we initiated new research this year to provide a systematic assessment of the international research on the links between stable and secure housing and a range of important outcomes in diverse areas such as health, early childhood development, family stability, education, employment, income, wealth and financial stability. This research is helping us to take stock of the terrain, to document what is currently known, and where we need to know more. This will help guide our research efforts going forward.

We are ambitious for CMHC. We have a strong housing system here in Canada, but we can do better. We need to look at our housing challenges in a new light and with a new sense of purpose.

Too often housing is looked at as a “cost” rather than as an “investment;” as a “problem” to be solved rather than an “opportunity” to take advantage of. 

We have to turn that thinking on its head. We need to look for ways housing can be used to leverage positive outcomes for people, for our communities and for the economy.

And we have to work together. 

CMHC has a new Minister — the Honourable Jean-Yves Duclos from Québec City. We are already working with our Minister and the new Government to deliver on its priorities, which we will learn more about tomorrow in the Speech from the Throne. These range from ideas to assist First Nations and Northern communities, to new assisted housing initiatives in our communities, to measures that could address financial stability. We are also working with stakeholders to see how we can support the settlement of Syrian refugees.

But no single government agency or level of government has the full range of tools required to effectively manage Canada’s diverse and complex housing policy challenges. This requires partnerships and collaboration with other federal departments, with the provinces and territories and with municipalities. And of course the private and not-for-profit sectors have much to contribute as well.

There are a lot of pieces to the puzzle that we collectively need to get right. But when we work together to improve housing conditions, good things happen. 

It was said in the past that CMHC had grown too grand and might even be a candidate for privatization. Some of that criticism was legitimate: a very human competitive mindset caused us to offer products and features to mortgages that the Government really had no business being involved with.

With our activities narrowed to housing “needs” and a mortgage loan insurance market share of around 50 per cent, CMHC is an important tool of Government policy. And the Government does have an interest in housing. ‎Research proves the very meaningful micro- and macro-economic payoffs from sound housing policy.

Housing matters. At CMHC we are focused on how housing can help Canadians families live healthier, happier and more successful lives.

Thank you.

1 Pour des logements salubres et abordables: Rapport du directeur de santé publique de Montréal 2015, Direction régionale de santé publique, CIUSSS du Centre-Sud-de-l’Île-de-Montréal, 2015.

2 Waterston, S, Grueger, B., & Samson, L.; Canadian Paediatric Society, Community Paediatrics Committee (2015), “Housing Need in Canada: Healthy Lives Start at Home,” Journal of the Canadian Paediatrics Society, October 2015, Volume 20, Issue 7.

3 Goux, D., & Maurin, E. (2005), “The effect of overcrowded housing on children’s performance at school,” Journal of Public Economics Vol. 89.

4 Ziol-Guest, K., & McKenna, C. (2009),  Early Childhood Residential Instability and School Readiness.

5 Ziol-Guest, K., & Kalil, A. (2014) Frequent Moves in Childhood Can Affect Later Earnings, Work and Education, Why Housing Matters Policy Research Brief, MacArthur Foundation.

6 Canada Mortgage and Housing Corporation (2013) Building Families’ Futures and Opportunities Through Habitat Homeownership, Research Highlight, Socio-economic Series 13-004.

7 Berz, K. (2015) Transforming Lives: the Social Return on Habitat’s Work in Canada, The Boston Consulting Group.

8 Focus Consulting Inc. (2015) Non-Housing Outcomes of Accessible and Affordable Housing, Research  Report submitted to CMHC.

9 SHS Consulting (2015) Contribution of the Housing Sector to the Overall Economy in Selected Countries, Research Report submitted to CMHC.

10 Oswald, A. J. (1996) A conjecture on the explanation for high unemployment in the industrialized nations: part 1. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No. 475).

11 Fortin, M. (2015) Homeownership, Labour Mobility and Unemployment: Literature Review and Outlook for Canada, report prepared for Canada Mortgage and Housing Corporation.

12 International Monetary Fund (2011) “Housing Finance and Financial Stability — Back to Basics,” Chapter 3, Global Financial Stability Report - Durable Financial Stability: Getting There from Here, International Monetary Fund.

13 Kiff, J., Mennill, S., & Paulin, G. (2010) “How the Canadian Financial System Performed Through the Credit Crisis: Lessons for Other Markets,” Journal of Structured Finance, 16 (3): 44–64.

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Date Published: December 3, 2015

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