Home money Will every Canadian be able to afford housing by 2030? – RCI

Will every Canadian be able to afford housing by 2030? – RCI

by drbyos

A real estate brand is displayed in Victoria, British Columbia, Friday, June 1, 2018. The Canadian Press / Chad Hipolito

This is the wish of the Canada Mortgage and Housing Corporation (CMHC) which has just published its report for 2020

This report highlights CMHC’s contribution to the country’s economy. In 2020, its financial results are rather satisfactory, despite the multiple impacts of COVID-19.

This balance sheet is reinforced by its income from commercial activities and public funding. These brought in a total of $ 8 billion last year.

Public funding represented an important part, in particular with five billion dollars dedicated to housing programs.

This amount is part of the implementation of Canada’s Economic Response Plan in response to the COVID-19 pandemic and the National Housing Strategy.

In addition, CMHC recognizes the contribution of $ 3 billion in revenues from its business activities, mortgage loan insurance and mortgage financing. These activities generated net income of $ 1.7 billion.

These results are indicative of the sound financial health of the company, which has helped ensure the stability of the Canadian financial system.

In 2020, more than 730 000 home buyers across the country have benefited from its mortgage financing support.

On the front of new housing construction, the Rental Housing Construction Finance Initiative has provided low-cost loans, which has resulted in the construction of nearly 25 000 rental housing last year.

CMHC has also made a name for itself in the construction of affordable housing, thanks to the National Housing Investment Fund. More than 12 400 new homes were built and 66 000 others are in preparation.

READ  Mazda 6 2021 debuts Carbon Edition in Mexico: price and features

According to the report, the harvest will have been abundant for this entity in 2020. It announces new laurels in 2021, galvanized by the promises of the new federal budget.

These promises announce additional support that will allow CMHC to continue supporting access to housing for Canadians, in addition to contributing to strengthening economic growth.

Today more than ever, we believe that a home is not only a place to live, it is also a refuge, a place to feel safe. Everyone deserves to have one […] Our aspiration is clear: by 2030, everyone in Canada will be able to afford housing that meets their needs. […] Romy Bowers, President and CEO of CMHC

Equity and the fight against racism are part of the values ​​that guide the action of this institution, which is currently working on the development of a strategy for the achievement of its objectives in this direction.

The intention is to achieve real reconciliation with First Nations, Inuit and Métis peoples and to contribute to efforts to mitigate the effects of climate change across Canada.

But the task remains immense for CMHC, which will have to strengthen its efforts to ensure that all Canadians have access to a property in 2030. The complications will remain as long as the current escalation continues in the real estate sector.

Selon un communiqué de la SCHL

Read also:

Soaring house prices in Prince Edward Island

Federal government buys up to 150 billion blocks of insured mortgages

Related Videos

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.