Scotiabank announces $10 billion funding for CMHC initiatives

The decade-long funding aligns with the CMHC’s National Housing Strategy

Scotiabank announces $10 billion funding for CMHC initiatives

Scotiabank has announced that it will be deploying approximately $10 billion over the next decade in support of Canada Mortgage and Housing Corporation initiatives aiming to improve housing affordability across the country.

“We are facing a clear shortage of affordable housing in Canada and Scotiabank is proud to work with CMHC to raise that supply,” said Jake Lawrence, CEO and group head of global banking and markets at Scotiabank. “Scotiabank is committed to developing innovative lending, investing and underwriting solutions for retail, commercial and corporate clients who support the achievement of this important housing objective in Canada.”

The collaboration will see heavy involvement from Scotiabank’s global community investment initiative ScotiaRISE. Through this channel, the bank will support CMHC programs and establish partnerships aimed at promoting the needs of disadvantaged groups.

“Our commitment in support of CMHC’s aspiration is another way that Scotiabank is working to build economic resilience for the future,” Lawrence added. “By removing barriers to advancement and increasing access to opportunities, we are helping to create a more inclusive and resilient world.”

This step has made Scotiabank the first major Canadian financial institution to align with CMHC’s National Housing Strategy.

“Governments alone can’t solve Canada’s housing challenges. The private sector also has a key role to play in supporting shared objectives of building strong, vibrant communities,” said Romy Bowers, president and CEO of CMHC. “We’re pleased to have Scotiabank join us in our efforts to create a new generation of housing in Canada. Safe and affordable housing is a basic need to creating a more inclusive society where everyone has the opportunity to be well and succeed.”