Affordable housing for everyone: a conversation with Romy Bowers, CMHC
Jul 19, 2023
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Romy Bowers, president and CEO of the Canada Mortgage and Housing Corporation, discusses the challenges of providing accessible and affordable housing in Canada. They explore the government's responsibility, the need for diverse housing options, and the lack of social housing. They also touch on regulatory review and greater transparency in the housing system.
Leveraging resources to stabilize not-for-profit housing operators can decrease the need for subsidies and focus government resources on delivering housing for the most vulnerable populations.
Increased public investment in affordable housing and collaboration between different actors in the housing sector are crucial to addressing the housing crisis and building vibrant communities.
Deep dives
The Need for Affordable Housing
The podcast episode discusses the ongoing challenge of providing accessible and affordable housing for everyone. It emphasizes that the issue of housing consumes a significant amount of time and effort at all levels of government and communities. The episode highlights the importance of leveraging resources to stabilize the balance sheets of not-for-profit housing operators, enabling them to secure assets and finance future projects. By empowering and stabilizing these developers, it is suggested that the need for subsidies can decrease, allowing government resources to be focused on delivering housing for the most vulnerable populations.
Insufficient Housing Supply
The podcast points out a decline in the rate of new housing construction in Canada since the 1970s, despite population growth and urbanization. The episode highlights the need for sufficient supply to meet the demand for housing, particularly ground-oriented housing suitable for young families. It emphasizes that the focus should not only be on social housing but also on the responsibility of the government to address the housing crisis and ensure security of tenure and affordability for all Canadians.
Collaborative Approach and Government Investment
The podcast emphasizes the importance of collaboration between different actors in the housing sector, including the private sector, non-profit organizations, and various levels of government. It highlights the need for all hands on deck to address the housing crisis and calls for increased public investment in affordable housing. The episode also discusses the need to integrate housing investments with infrastructure projects, recognizing that housing is not just about the four walls but also about building vibrant communities.
Challenges and Opportunities for CMHC
The podcast features an interview with Romy Bowers, the President and CEO of the Canada Mortgage and Housing Corporation (CMHC). Bowers discusses the role of CMHC in addressing the affordability crisis and highlights the need for greater public investment in social housing. She emphasizes the importance of multi-sector collaboration and the need to protect tenants' rights. Bowers also discusses the challenges of intensification, the financialization of housing, and the delicate balance between incentivizing private capital investment and ensuring tenant protections.
Ours is a rapidly urbanizing world, with the latest UN projections at 70 percent of 9 billion people living in cities by 2050. Underlying that challenging future, neck-and-neck with the climate crisis, is the perpetual issue of accessible and affordable housing for every citizen.
In Canada, top-level conversation about housing starts at the desk of Romy Bowers, president and CEO of the Canada Mortgage and Housing Corporation (CMHC). Host Mary Rowe talks to Ms.Bowers about how CMHC is adapting, collaborating and innovating to meet that challenge for all Canadians.