Good afternoon, everyone,
and welcome to our 2023 annual public meeting.
Please know that today's call is being recorded
and is available in the language of your choice
through our simultaneous translation.
Hello and welcome to the 2023 annual public meeting
of Canadian Mortgage and Housing Corporation.
This event is recorded
and available in the language of your choice
through a simultaneous interpretation service.
See? And I'm happy that I'll be emceeing today's call.
I'm joining you today from Montreal.
And I'd like to thank the First Nations around Montreal
who have frequented and occupied this territory for millennia.
I have gratitude for this land,
respect and appreciation
towards many generations of caretakers.
In a virtual environment,
it's really important to recognize that even though we come
from different communities and backgrounds,
we are connected through traditions,
values and history of our ancestors.
Please take a moment to reflect on the good things
the land in which you are joining has brought us, and you.
I'm joined today by the chair of CMHC Board of Directors,
Derek Valentine,
with our President, Romy Bowers
and with our CFO, Michel Tremblay.
I'm joined today by the chair of CMHC's Board of Directors,
Derek Valentine,
with our President, Romy Bowers,
and with our CFO, Michel Tremblay,
who was also the first VP of business services.
…including Nadine Leblanc,
Senior Vice-President of Policy,
Lisa Williams,
Senior Vice-President of Housing Programs,
Kathleen Devenny, Chief Risk Officer,
Marie-Claude Tremblay,
Senior Vice-President of Corporate Affairs,
Carla Staresina,
Vice-President, Commercial Products,
Samir Chhelavda,
Vice-President of Audit and Evaluation,
as well as our Chief Economist, Bob Dugan.
A number of CMHC employees
have also joined our live stream channel today
from locations across Canada, and I welcome them.
Before we begin, I just want to remind everybody
that this call is being recorded
and that we will use a bilingual format for the meeting.
So, this meeting will unfold in a bilingual format.
We'll provide brief opening remarks.
Michel Tremblay will then present highlights
from the 2022 annual report.
During this presentation, we will have a question period
of about 20 minutes at the end,
namely for the representatives
of the media who are taking part,
and the assembly.
The recording will be available
after the end of the meeting.
I want to thank you for joining us here today
for the annual public meeting.
As we reflect on 2022
and look ahead at what's to come for CMHC
in 2023.
Thank you for being with us for this annual public meeting.
It was a major topic of discussion and action last year.
It's a problem that everyone in Canada is facing
and that is having major impacts on our daily life.
It motivates us to explore and support
the possible solutions in achieving affordability
and stability in the Canadian housing system.
We are in the midst of a moment
when all of Canada is converging around the need
for a better, fairer housing outcomes
and a need to maintain the stability of the current housing system.
That sort of consensus is rare,
and it's a precious thing and a great opportunity.
The 2023 budget announced a few weeks ago
has provisions that build on that momentum.
…investments in CMHC.
Our board and our team
are committed to ensuring that every dollar has an impact
for those who call Canada home.
In 2022, I had the chance to speak
with many who were working in housing
both in Canada and outside our borders,
and a chance to share ideas and best practices.
Doing so has been a welcome reminder
that we have made great progress in this country
and we are well served by the institutions
and the practices that we have.
The stability of Canada's housing system
has helped weather some difficult economic times,
and I've been told that other countries
look to us as a model.
This has remained true in difficult times we face today,
and we have learned
that it's necessary to establish partnerships.
It requires close collaboration with all orders of government,
the private and nonprofit sectors
and with Canada's indigenous communities.
The Housing Supply Summit that was held in 2022
is a great example of this in action.
People across the sector came together to share ideas,
coordinate activities and take steps
towards building a better housing system.
It informed our thinking
and helped shape how we deliver on our commitments.
In 2022, we saw this collaborative approach
turn into roofs overhead
ultimately, places to call home for people in Canada.
In BC, Crystal,
who's experienced poverty as a child,
is now working with the Skookum Surrey project.
She and Skookum Surrey are helping building
an understanding of indigenous child poverty
in the city.
And with the support of CMHC Solutions Lab program
and our Housing Research Excellence Award,
understanding the linkage
between child poverty and housing and housing outcomes.
Jim and Terra and their three children
and well in Ontario, are homeowners now,
thanks to our groundbreaking partnership
between CMHC and Habitat for Humanity.
This multi-year partnership
is supported by the National Housing Co-Investment Fund,
one of the programs under the National Housing Strategy
delivered by CMHC.
It will produce more than 1,000 homes,
like Jim and Terra's across the country.
These are examples that prove a larger point,
that CMHC is building relationships
across Canada and across the housing system,
and partnering to make real positive impacts
on lives in this country.
As to 2023 and beyond,
the only thing we know we can count on is change.
…rapidly in different ways
and is shaped by many economic and other forces.
We must remain agile in response.
To do this, in the delivery programs,
in the way which we organize our own resources,
we continue to improve our alignment
with the housing outcomes that we all need.
An illustration of this
is the increased allocation of resources internally
to support research and understanding
of the housing system.
Data knowledge are key to being effective
in housing policy and housing practices.
Like everyone watching the economy,
we expect more turbulence in housing
and in the broader economy in the coming year.
The economic headwinds remain strong,
and the housing system is challenged
to meet the demand for increasing supply
of rental and ownership housing.
We're also witness
to increasing affordability pressures
on existing multi-unit rental supplies
in almost all metropolitan and other centers.
We remain alert to these changes and ready to respond,
and shaping the products and services that we offer.
Like Canada as a whole,
CMHC has entered 2023
with strong economic fundamentals.
We remain well capitalized
and benefit from strong risk mitigance
that guide us and govern us.
We have a skilled and dedicated team at CMHC.
I would like to thank them for the incredible efforts
made on behalf of all those living in Canada.
I would also like to thank all our partners
who have helped us reach these objectives.
Finally, I'd like to thank Romy Bowers
for management and her management team
for the leadership in such a challenging time.
And the results that we are achieving,
they are real and they're really making tangible difference
for those living in Canada.
And I would also like to thank my fellow directors
present and past,
who provided the guidance and thoughtful reflection
on the issues we face
and help guide CMHC in its endeavors.
And with that, I'd like to hand things over
to CMHC's President and CEO,
Romy Bowers.
Thank you, Derek. Hi, everyone.
And welcome to our annual public meeting of 2023.
It's a pleasure to be with you today.
I'm happy to highlight CMHC accomplishments
from the past year,
to share our future plans
and to answer some of your questions about our work.
At CMHC, we know that housing can make a transformative difference
in the life of an individual community
and our country.
This has informed our work since our very beginnings,
when we were created to help returning World War II veterans
find housing
and it continues to drive our work today.
Our people come to work every day
with a common purpose,
to realize a future where everyone in Canada has a home
that they can afford and that meets their needs.
Today, more and more Canadians are struggling to find housing
from those needing emergency shelters
or social housing
to renters in search of affordable housing
and to others who are looking into homeownership.
Unfortunately, helping Canadians in this struggle
has become increasingly complex and urgent.
The inflationary pressures we are experiencing now
will eventually pass,
but our housing shortage,
coupled with a growing population,
will continue to keep house prices and rents
out of reach for many Canadians.
It is very clear, as Derek mentioned,
that housing affordability
is one of the major challenges of our times.
And, at CMHC, we are meeting that challenge
by taking strong, decisive action.
Last year,
we got laser focused on three major priorities.
The priorities that will deliver
the most impact for Canadians now and in the future.
One of our top priorities in 2022
was to help the government of Canada
to deliver on its commitments to make housing more affordable.
We lead the development and delivery
of major housing programs,
such as those contained in the National Housing Strategy.
These programs are mostly intended
to help people whose housing needs are not met by the market.
As part of this work, we rolled out the third round
of the highly successful Rapid Housing Initiative.
This program has been embraced by municipalities,
nonprofit housing providers and other partners.
So much so that we're on track
to rapidly build more than 14,500 permanent affordable homes
for those experiencing or at risk of homelessness.
In 2022, we also designed
the recently launched Housing Accelerator Fund.
This fund will help municipalities
to address barriers
that prevent or slow down housing projects
in the development phase.
This means much needed homes will get built more quickly.
Finally, we worked with our federal partners
to design legislation intended to make housing more affordable.
The one-time federal top-up of the Canada Housing Benefit
provided 500-dollar payments
to low-income renters struggling to pay the rent.
And the prohibition on the purchase
of residential properties by non-Canadians Act
will help ensure that housing in this country
is used as intended,
to house people that are living here.
In 2023, we'll be focusing on other federal initiatives,
such as, number one, a strategy
to improve housing for indigenous people
living in urban, rural and northern areas.
And this strategy
is currently being co-developed with indigenous partners.
Two, standing up a low-cost flood insurance program
with Public Safety Canada,
and a third example is the Home Buyers' Bill of Rights.
The second priority for CMHC in 2022
was supporting the sustainability and stability
of Canada's housing system.
This is especially important in our current economic context.
We do this largely by providing commercial products
like residential and multi-unit mortgage loan insurance,
and by giving lenders reliable access to mortgage funding.
Last year, we launched a new product called MLI Select,
that incentivizes developers
to build more affordable, accessible
and climate-compatible rental housing.
This project has been extremely successful,
and we have seen a huge uptake on it throughout the year.
In 2023, we'll be focusing
on our Homeowner Business Transformation project.
This will modernize our mortgage loan insurance business
to allow for faster decision making,
more transparency
and easier access to housing credit.
Finally, our third priority has been to position CMHC
to better serve Canadians in the future.
A big part of that is by ensuring
that CMHC is at the forefront of research data and forecasting.
It also means that we're filling knowledge gaps
and developing policy ideas for decision makers.
As an example, in 2022,
we launched a major series of housing supply reports.
This is already giving us and everyone in the housing sector
a clear picture of just how serious Canada's housing supply gap is.
It is also offering insights on how to fix it
and encourage those listening in on the call today
to look for more reports on this supply issue
to be released in the weeks and months to come.
In 2022, we also made strides
to ensure that the investments
and efforts we make on housing
served to advance other issues that matter to Canadians.
Issues like climate change,
equity and reconciliation
with indigenous peoples, for example.
Last year, we promptly joined
the Canada Council
for Progressive Aboriginal Relations program.
This provides accountability and third-party validation
of our reconciliation efforts.
This year, we're developing an equity framework
that could double drive our efforts
to create a fair housing system for all Canadians.
In just a moment,
our Chief Financial Officer, Michel Tremblay,
will provide a more detailed report
on our performance in 2022.
But in closing…
They are committed to our priorities
and continue serving Canadians better.
They are living our company's values.
A courageous community
building impactful solutions together.
I also wanted to recognize
the strong leadership of our Board of Directors
and of our Chair and Derek Valentine.
And finally, as proud as I am of CMHC progress,
we are just one organization.
Solving Canada's complex housing problems
requires a whole-of-society approach.
Everyone in Canada has an interest in a fair,
affordable housing system,
and I believe that everyone has a role to play.
Throughout 2022,
CMHC has leveraged its unique position
to bring together our extensive network
in both government and in industry.
In the months and years to come,
we will continue to promote big, bold changes
in the way that Canada builds,
operates and finances housing.
Together, we are helping ensure
more Canadians have access to what they deserve,
that is a home that they can afford
and that meets their needs.
Thank you so much for your attention this afternoon,
and with that, I'm going to turn things over to Michel Tremblay,
our Chief Financial Officer, to provide you with more details
about our 2022 results.
I will talk about our financial performance
as well as some of the results and the outcomes
we were able to achieve in 2022.
So, starting with our revenues and government funding,
they total 6.1 billion dollars in 2022,
which is a slight decrease
of approximately 3 percent from the prior year.
We received 3.4 billion in government funding
for housing programs in 2022.
Again, this was a slight decrease from 2021,
mainly due to lower contributions from the Rapid Housing Initiative,
as that initiatives second round ended in 2022.
The third round was launched in December of last year.
This decrease was partially offset
by contributions from the one-time top-up,
to the Canada Housing Benefit and other programs,
such as the Canada Community Housing Initiatives,
and the Federal Lands Initiatives.
Turning to our commercial operations,
revenues from their commercial operations,
mortgage insurance and mortgage funding activities
was 2.5 billion dollars in 2022.
Again, a slight decrease when compared to 2021.
Expenses went down 3.6 percent
in 2022
because of an increase of insurance claims
and there were expenses that went up,
and that is because we did offer
the one-time top-up program.
And there was a decrease of 8 percent
with the expenses for other programs,
and this decrease was following the decrease of the funding
of governmental programs that I just mentioned.
And now, if we look at insurance claims
that were settled, we have to know that, in 2021,
the provision for the regulation
or the settling was favored by the economy.
The economy was getting better after COVID-19.
…which directly reduces
the government of Canada's annual deficit.
We were also able to give some dividends
to the Canadian government.
…in 2023, following the adoption
of new accounting standards for insurance contracts.
This will also affect our results
starting in 2023, where we expect lower net income,
mainly due to a slowing of earning patterns
of our insurance revenue under this new accounting standards.
Our results for the first quarter of 2023
will include this change
and will be published and available on our website by the end of May.
Turning to the economic environment
of Canada,
the Canadian economy continued to grow in 2022
with a real GDP increase of 3.4 percent.
That is a faster pace than what we've seen
in the previous decade,
which had an average annual growth of around 2 percent.
Canada's labor market conditions remain tight,
setting a forty-year record low unemployment rate
of 5 percent in December.
Canadian businesses also reported widespread labor shortages.
Meanwhile, the Canadian economy experienced higher inflation
in 2022,
peaking at around 8 percent in June.
These rising interest rates in response to the inflation
and lower real disposable income
caused a marked contraction of housing market activity
in the latter ten months of 2022.
If we look at these records in 2022,
the number of starts has declined,
but remain elevated compared to the level
of construction of the past 5 years.
…National Housing strategy.
The federal government's plan
to ensure more Canadians have a safe and affordable place to call home.
This comprehensive strategy covers the entire housing continuum
from shelters and transitional housing
to community and affordable housing
to market rental and homeownership.
Here are some of our key NHS's highlight
as of December 2022.
We continued 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 launch, we have committed funding
for the creation of nearly 29,000 new units
and for the repair and renewal
of close to 112,000 units.
Their Rental Construction Financing initiative
provides low-cost insured loans
to increase the supply of rental housing.
To date, we committed funding for almost 40,000 units.
We have also engaged the totality 2.5 billion dollars
for the initiative of creation of homes.
This initiative will support the construction of 10,000 units.
This far exceeded the target of 7,500 units
and the third round, announced in Budget 2022,
was launched in December.
It provides rent assistant for low-income tenants.
As of December 2022,
over 73 million in rental assistance
was provided to over 7,900 low-income households.
We, at CMHC, were encouraged
by the additional investment in housing
announced in both the Federal 2021
and 2022 budgets.
We work diligently to ensure a timely launch
of supporting initiatives,
including the extension
of the Affordable Housing Innovation Fund
with a new renter own stream.
Round three of the Rapid Housing Initiative
expected to create up to 4,500
new affordable housing units
and a one-time top-up to the Canada Housing Benefit,
to name but a few.
Moving on to our commercial products,
we offer transactional homeowner insurance.
This protects lenders against borrower defaults.
It enables qualified borrowers with a down payment
between 5 and 20 percent
to access mortgage financing at competitive rates.
We enabled buyers to acquire 64,000 units
and more than 16 percent of these cases
ensured loans for people living in rural areas.
This is a decrease of 12 percent
compared to the previous year.
Less people have bought in 2022
because of the increase in mortgage prices.
CMHC also provides portfolio insurance.
This allows the lender to pool and ensure
low-ratio residential mortgages,
and it makes them eligible for our National Housing Act,
mortgage-backed securities and Canada mortgage bonds,
mortgage funding programs.
In 2022, we insured
more than 36,000 units through portfolio insurance,
an increase of 59 percent from the previous year.
This results from our efforts to expand
our presence in the insured space.
A stronger market share
will enable us to better support market stability.
We also ensure mortgage funding for collective buying of units.
In 2022, our insurance products
contributed to the refinancing
or the purchasing of 178,000 units.
As Romy mentioned, this is largely driven
by the popularity of our new MLI Select product,
which focuses on affordability,
accessibility, and client compatibility.
At the end of 2022,
our total insurance in force stood at 399 billion dollars.
This is a slight decrease of 2 billion
when compared to 2021,
as the runoff of existing policies in force
exceeded the insurance of new loans.
Of this amount, 136 billion
is for multi-unit insurance, 179 billion
for our homeowner transactional
and 84 billion represents portfolio insurance.
Our arrears rate,
which includes all loans more than 90 days past due
as a percentage of our total outstanding insured loans,
has dropped in 2022 from 0.28 percent
to 0.25 percent,
which is consistent with employment
and house price trends that we've seen in Canada
over 2022.
As of December 31, 2022
of the 179 billion of transactional homeowner insurance in force
approximately 82 percent of those were fixed rate mortgages.
As a result of recent increases in interest rates, however,
some mortgages have seen their amortization
temporarily increase.
This temporary extension and amortization
has led to an 8 percent decrease
in our mortgage insurance capital adequacy ratio
as of December 31.
We remain well capitalized, however.
Turning to our mortgage funding business,
CMHC promotes the stability in the Canadian financial systems
by providing access to funding for mortgages.
Our annual limit, under the National Housing Act,
mortgage-backed securities and Canada mortgage bonds
remained unchanged.
In 2022, the first at 150 billion
and a second at 40 billion, respectively.
The guarantee and application fee we received
decreased by 46 million dollars,
or 5 percent year over year.
This is due to a higher issuance
of affordability-linked mortgage pools this year.
These pools are subject to lower fees.
At the end of 2022, 471 billion dollars,
an increase of 2 percent in comparison to last year,
and that is because of liquidation
of the number of units.
As Canada's national housing agency,
we will continue to respond
and be there when Canadians need us most.
The housing investment in recent federal budgets
confirmed that the government of Canada
will continue to look to CMHC to support Canadians,
and we will continue to manage
the public resources entrusted to us prudently
for the benefit of all Canadians.
I would like to join Romy and Derek
to thank our employees for their employees,
for the pursuing of this vision.
Our results we owe them to their dynamics.
Thank you very much, Michel.
Now it's the question period…
We will begin with questions from the public
that were submitted online during the register of the event.
So, questions will be answered in the language
in which they were submitted.
So, I'll start with the first question.
"In recent years, severe weather events
have affected Canadians across the country.
From floods and severe storms to drought-related forest fires,
homes have been destroyed or affected
in connection with these events.
At a time when we have a housing affordability crisis,
how is CMHC addressing the issue of climate change
in the housing industry?"
I'll leave it to Romy.
Thank you very much for this very important question.
And I just want to highlight that, at CMHC,
we're committed to doing our part
toward advancing housing affordability
in a way that is climate compatible
and climate resilient
and, at the same time, promotes stability
and sustainability in Canada's housing system.
In the annual report that was released today,
you'll find a number of descriptions
and ways that we've advanced work in this area,
including enhancing energy efficient objectives
in our new and existing programs.
We've also partnered
with the financial industry and government
to share knowledge and best practices
on the use of climate-related data.
Specifically, I'd like to also call out
the work that CMHC has been doing
in exploring housing finance solutions,
to address climate related risks,
such as floods or other risks
in order to promote climate, resilient, affordable housing.
Budget 2023 proposes to provide
over 31 million dollars over 3 years to Public Safety Canada and CMHC
to work with the Department of Finance
to stand up a low-cost flood insurance program.
And this would include offering reinsurance
and a separate insurance subsidy program
and CMHC looks forward to contributing to this work.
Thank you very much.
Thank you so much, Romy.
We'll move on to the second question.
The second question is, "Despite the actions taken,
it's still difficult to buy a home in 2022.
As long as there are no advantages per unit,
the situation will just get worse.
How does CMHC
view the economic situation before us?"
Thank you very much for the question.
According to a recent report
on the perspectives of the housing market,
the slowing down of the economic growth
will continue to have an effect on the housing market in 2023.
The price of units has gone down.
However, access to property will not be as easy as before
because of the interest rates and the high prices.
Probably, the accessibility will come continue to decrease
on the rental unit side because of the offer.
We are expecting the prices and the starts
to increase in the future,
and inflation should reach the target of 2 percent
before the end of 2024.
And the mortgage rates will go down
slowly in comparison to 2023.
The regain in growth, revenue
will sustain the growth in the offer of housing units.
"Has CMHC looked into alternative approaches to housing,
particularly for medium and low-income renters?"
For this one, I'll invite Lisa Williams to answer, please.
Thanks, Samantha.
We work with a broad range of housing system participants
to conceive prototype and try out solutions
to complex housing issues.
To improve housing outcomes,
we look to mobilize knowledge and scale up good ideas.
One successful example of innovative partnership
that delivered results for renters
is our investment in Sparrow,
a digital platform to match people in need of housing
and people with available space.
It was launched in select Canadian markets in 2022
and has achieved its targets
to unlock previously empty bedrooms
at rents below average market friends.
We also served as a funding partner
for Habitat for Humanity Windsor-Essex,
in a multiplayer collaboration
to build the first 3D-printed homes for residential use in Canada.
This technology was used last year
to construct an accessible net zero ready,
four-plex design in Leamington.
The Rapid Housing Initiative,
one of the initiatives under the National Housing Strategy,
is an example of this at the program level.
It was created to get affordable homes built quickly,
and it has consistently exceeded its targets,
and that success has led to the program being extended twice.
To date, with a budget of 2.5 billion dollars,
we have supported the creation
of more than 10,000 new homes
well beyond our original target of 7,500.
The government also recently announced
the Housing Accelerator Fund
to improve supply at the municipal level.
This 4-billion-dollar fund is for municipalities
that are willing to bring forward innovative solutions
to accelerate housing supply.
The fund is targeting the creation
of at least 100,000 more housing units
than would have occurred without the program
by 2026-2027.
But the benefits in the form of better,
streamlined development processes
will keep paying off into the future.
Thank you so much, Lisa.
Let's move on to the fourth question.
"Since the launch of this National Strategy
on housing in 2017,
the economic context has changed a lot.
We have gone through a worldwide pandemic,
a slowdown in the economy that is still felt.
Is the SNL, is it still the adequate tool
to meet the needs
of the housing field in Canada?"
Thank you, Samantha.
Since the launch of the strategy,
we have enlarged and adapted
by reacting to the evolution
and the comments received,
and we have improved what was working.
The government of Canada is determined
to bring forth its contribution
to increase the rental unit part
or what is available for the population to rent.
And these improvements have been put forward
thanks to the Canada Housing Strategy.
So, this strategy meets the needs
throughout the entire continuum of housing,
for example, traditional homes,
accessible homes,
homes for owners that live within their homes.
So, we want to adapt with this strategy
the housing offer to those that are most vulnerable.
The SNL, this strategy,
wants to meet the specific needs
of a population
that is a precise part of the population.
Indigenous people, people in vulnerable situations,
people that are fleeing violent situations,
people that are elderly.
So, the government has also launched recently
the fund for accelerating the construction of homes,
four billion dollars,
and the goal is to finish the funding
or to supply the funding
to initiatives
that increase the housing units that are available.
There is a collectivity.
And we would like
these housing units to respect climate change,
have zero emissions or very little emissions.
And we'd like to reduce waste.
We are aware that we need to do more
to meet people's needs of the vulnerable people in Canada.
And so, in this perspective,
we are working constantly
to improve the way that we design
and put forward the initiatives of the strategy.
Thank you.
We will move to the fifth question.
"Can you give an update on how CMHC is doing
regarding equity and reconciliation?
It was one of the main focus areas you identified,
where CMHC could do better a few years ago.
How is CMHC addressing the situation?"
I'll hand this over to Romy.
Yeah, thanks.
Thanks. Again, another excellent question.
And, at CMHC, we know that we cannot help
people in Canada meet their housing needs
without considering and remediating the harmful effects
of discrimination, racism and inequity.
And we believe
that a well-functioning housing system
promotes equity, stability and long-term affordability
as well as sustainability.
And you know, CMHC
has been looking at this very seriously,
and we've taken an important step
toward embedding reconciliation and equity
into our internal processes.
And we've done this
through the development
of our diversity and inclusion framework,
which is the result of significant input
from over 50 percent of the workforce at CMHC.
We have also conducted consultations
with over 150 people with disabilities
to identify barriers to accessibility at CMHC.
We've also supported
our reconciliation and equity commitments
through a commitment to educating, training,
and improving the cultural competency
of our employees.
And, as a good example of this,
I'm very proud of the fact
that 98 percent of our employees
have completed our Cultural Learning program
entitled The Path,
a journey through indigenous Canada.
We have also created senior leadership positions
to oversee the development and implementation
of a reconciliation action plan in equity framework.
We hired our first VP
of indigenous policy and relations
as well as our first VP of social policy and equity.
We are also involved
in the Progressive Aboriginal Relations certification program.
I mentioned this a little bit earlier.
And we feel that this is really important
in helping us guide the cultural shift we need
to meet our reconciliation objectives.
Now, maybe a few comments from an external perspective.
We have made some progress to improve access
and affordability for racialized communities
by supporting several initiatives
that were informed by and will empower communities.
CMHC is sustaining actions to better develop
our understanding of the challenges faced by local communities,
and we are committed to working with partners
to address discrimination and inequities
in the housing system.
And you'll see that when you look
at the description of our corporate strategy
in our annual report,
it reflects our commitment
to equity and reconciliation.
The NHS programs that we deliver
are anchored in a human rights-based approach.
And key highlights of that
are our principles of nondiscrimination,
inclusion, participation and accountability.
We will continue to take actions to eliminate racism
and embed equity and reconciliation
into our culture, programs and policies,
so that they truly reflect
the lived experience of all people living in Canada.
And we had and still have to learn and unlearn
and to reflect our own internal policies and practices,
and we do this with humility.
But I am committed to remaining accountable
and thus driving
towards a continuous improvement in this area.
Thank you.
Thank you so much, Romy.
I'll move on to the sixth question.
"There is no law in Canada requiring that new housing
be fully accessible or to have a universal design.
What work does CMHC do in helping with this issue?"
For this one, I call upon Lisa, please.
Thanks, Samantha.
This question is actually quite similar to one
that's been asked by Kate in the chat as well.
And so hopefully, Kate, this will give you
some additional information to your question as well.
Increasing the amount of accessible housing
in Canada's housing stock is an issue we are addressing
from our commercial side
as well as through the delivery of our government programming.
Government funded programs under the National Housing Strategy,
such as the National Housing Co-Investment Fund,
and the Affordable Housing Innovation Fund
have accessibility built right into them.
The National Housing Co-Investment Fund
has accessibility requirements for new construction.
Applications to the fund must demonstrate
either that 20 percent of the project's units
meet accessibility standards
and that common areas are barrier-free,
or that the entire project has full universal design.
Applications for the Innovation Fund,
on the other hand, are prioritized in part
based on how they support increasing accessible housing stock.
We also support research
and development on accessible housing,
as multiple projects are being funded
through the National Housing Strategy Solutions Labs program.
For example, The future of Home Solutions Lab,
carried out by Edmonton's Skills Society,
addresses the gaps in housing
for people with developmental disabilities.
And that's just one example.
On our commercial side,
our new multi-unit mortgage loan insurance product, MLI Select,
that was mentioned earlier
incentivizes accessibility as well.
It uses a point system to incentivize developers
to preserve and create rental units
that are accessible, affordable and climate compatible.
Thank you, Lisa.
And I'll move on to the next question.
"What is CMHC's work and research
in relation to seniors housing?
How has this changed over the past year?
And any future plans?"
Maybe, Lisa, you can take this one as well.
-Sure. Thanks. -Thank you.
Seniors are among the groups
who are more likely to experience housing needs.
And they face particular challenges in finding suitable housing.
That's why CMHC and the National Housing Strategy
prioritized seniors housing.
For example, the National Housing Co-Investment Fund
that I just mentioned, and the Rapid Housing Initiative,
the main affordable housing program
under the National Housing Strategy,
both include seniors among their priority groups.
The result has been nearly 50,000 homes
either built or repaired, specifically with seniors in mind.
We have also supported research projects
specifically looking at seniors housing,
such as the Aging in the Right Place initiative,
based at Simon Fraser University.
However, as you know,
as part of a review of our suite of surveys and publications,
we have decided to discontinue
data collection for rents, vacancies and services
for the Seniors' Housing Survey in 2021.
This data is no longer available going forward
because the survey data was used
by a small segment of clients.
In support of corporate priorities,
CMHC will primarily focus its data, research
and its insights efforts
on investments required for housing needs,
market housing supply and demand,
racism and discrimination as barriers to housing,
the effects of climate change,
effectiveness of current and potential future policies
and indigenous housing issues.
Thank you.
So we have taken up all the time
allowed for questions from the attendees.
We'll now move on to questions from members of the media.
I would now like to turn it over
to CMHC's Manager of Media Relations.
Jed Kahane will be monitoring this portion of the call.
Off to you.
Thank you very much, Samantha.
For members of the media,
simply press star, and then one on your telephone.
I remind you that, in order to submit a question,
media representatives will need to be on a conference call,
as the webcast portion of this
does not permit you to ask questions from that platform.
Participants will be allowed one question
about CMHC and its activities
and one follow-up question.
Please limit your questions to today's presentation
and the contents of the annual report.
Participants may ask one question to CMHC and its activities
and for the follow-up questions,
please, reserve your questions or limit your questions
to the content of today's annual public meeting.
If you are watching on the webcast as well,
please make sure you turn down
the volume on your zoom call when asking your question.
If you're looking at the webcast, please lower your volume
on your zoom before asking questions.
And please identify yourself before asking a question
and indicate the person to whom the question is addressed.
Thank you.
Our first question of the [INDISCERNIBLE]
from The Globe and Mail.
Please go ahead.
Hi. Thank you. This question is directed to Romy.
I'm wondering if CMHC has regained its market share
since changing your underwriting rules
in July 2021.
If you could tell me what your market share is today.
Yes. Thank you for your question.
So, after the underwriting changes,
our market share fell into the low twenties,
and currently, it's in the mid-thirties.
So we have regained market share
and we're working very hard to own the business
in this very competitive business.
But it hasn't changed since this time last year
because this time last year was also around 35 percent.
Yeah, that's correct. That's correct.
So, there is fluctuations from quarter to quarter,
but in general, we're very pleased
with the progress that we're making year to year.
Thank you.
Once again, please press star one at this time
if you have a question.
Please, press star one to ask a question.
We have no further questions.
Back to you.
I hope everyone had a chance to get on the call
and that concludes the media portion of this call.
Journalists who have additional questions
can contact our Media Relations office
at media@cmhc.ca
Reporters who have more questions can communicate with us
by email at media@cmhc.ca.
And for those of you who do not have a copy of the annual report
and other informational products,
you will find them on our website,
at cmhc.ca.
Thank you very much, everyone.
That includes the media portion of our call.
I would like to say this brings our annual public meeting
and media briefing to a close.
Thank you for joining us.
Thank you and have a nice day.