Speaking Notes for Evan Siddall
Standing Committee on Finance
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Thank you, Chair, for this opportunity to update the Committee on how CMHC is helping to stabilize Canada’s financial system and support the economic well-being of households and small businesses during the COVID-19 pandemic. My appearance before you today is also timely in informing you about new measures we are contemplating to promote housing affordability and to reduce risks to CMHC and to our economy.
Early in the crisis, in co-ordinated action with the Bank of Canada and the Department of Finance, we relaunched the Insured Mortgage Purchase Program. This tool helps ensure that banks have access to reliable term funding so they can continue their lending activities and housing markets remain functional.