The Big Six bank has pledged a 10-year commitment to affordable housing
BMO Financial Group has announced a massive $12 billion commitment to finance affordable housing across Canada over a 10-year period.
This investment will support the Canada Mortgage and Housing Corporation’s target to provide homes for every Canadian in need by 2030.
The BMO commitment also pledged to increase access to quality housing for Indigenous communities, along with lending, investing, and underwriting solutions for retail, commercial, and corporate clients involved in affordable housing.
“We’re proud to support CMHC’s vision while aligning strongly with BMO’s Purpose to Grow the Good,” said Sharon Haward-Laird, general counsel and co-chair of BMO’s Sustainability Council. “Investing in housing for all Canadians means removing barriers that exclude so many from a better life.”
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BMO added that this commitment mirrors the bank’s prioritization of affordable housing in the United States through its Community Reinvestment Act funding, which includes community development investments, community development loans, and mortgage loans.
“Governments alone cannot solve Canada’s housing challenges. The private sector also has a role to play in building strong, vibrant communities for all,” said Romy Bowers, president and CEO of CMHC. “I hope commitments such as this one from BMO inspire more companies to help us achieve our goal of housing affordability for everyone living in Canada.”
