Scotiabank announced it will be the first large financial institution to align with CMHC to mobilize $10 billion over the next ten years to support the creation of new affordable housing.
“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.”
As Canada’s authority on housing, CMHC is delivering the National Housing Strategy—a $70+ billion, 10-year federal investment in housing with additional funding committed by the provinces and territories.
“Governments alone can’t solve Canada’s housing challenges,” said Romy Bowers, President and CEO, CMHC. “The private sector also has a key role to play in supporting shared objectives of building strong, vibrant communities. 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.”
Scotiabank’s Sustainable Finance Group was formed in 2020 to bolster Scotiabank’s leadership in Environmental, Social and Governance (ESG) issues, offering integrated solutions to fulfill its clients’ evolving sustainable finance and ESG requirements.
Scotiabank’s collaboration with CMHC to address housing affordability is aligned to ScotiaRISE, Scotiabank’s global community investment initiative to promote economic resilience among disadvantaged groups. Through ScotiaRISE, Scotiabank will support programs and partner with organizations across its footprint that provide the tools people need to improve their education and employment prospects, adapt to changing circumstances, and increase the likelihood of financial success.
“Our commitment in support of CMHC’s aspiration is another way that Scotiabank is working to build economic resilience for the future,” said Mr. Lawrence. “By removing barriers to advancement and increasing access to opportunities, we are helping to create a more inclusive and resilient world.”