Canada Mortgage and Housing Corporation (CMHC) is under scrutiny for a shocking scandal that exposes the exorbitant bonuses paid to its top brass, including:
- Derek Ballantyne, Chair of the Board
- Romy Bowers, President and CEO
- Kelly Gillis (ex-officio), Deputy Minister of Infrastructure and Communities
- Chris Forbes (ex-officio), Deputy Minister of Finance
- Navjeet (Bob) Dhillon, Member of the Board of Directors
- Linda Morris, Member of the Board of Directors
- Gordon J. Laing, Member of the Board of Directors
- André Hébert, Member of the Board of Directors
- Chris Sicotte, Executive Director of the National Aboriginal Trust Officers Association (NATOA)
MP Sean Fraser, Minister of Housing, Infrastructure, and Communities, is also in the spotlight for approving these payouts.
In a shocking revelation, it has come to light that CMHC staff pocketed nearly $27 million in bonuses in 2022 alone. Over 90% of CMHC employees received an average bonus of over $11,700 each. This lavish compensation scheme has raised eyebrows across the nation.
Furthermore, access to information documents obtained by the Canadian Taxpayers Federation revealed that the number of CMHC employees earning over $100,000 per year ballooned by 27% from 2018 to 2022, reaching 931 individuals.
While CMHC’s mandate claims to make housing affordable for all Canadians, this excessive bonus culture seems contradictory. Housing affordability remains a pressing concern in cities like Vancouver and Toronto, where demand consistently outstrips supply.
RBC’s recent report emphasized the unattainable dream of homeownership for middle-income households in these cities. Rental prices have surged, with the average rental unit cost now exceeding $2,040 per month.
The non-profit Canadian Taxpayers Federation rightfully questions the wisdom of enriching CMHC executives while housing remains unaffordable for many. Interest rate hikes have further compounded the housing crisis.
In response, CMHC defends its compensation practices as necessary for retaining talent. However, this revelation casts a long shadow over the agency’s commitment to its stated goal of housing affordability.
While CMHC boasts about billions in dividends to the Canadian government, Canadians are left grappling with soaring housing costs. The CMHC scandal underscores a pressing need for accountability and a reevaluation of priorities in the face of a growing housing crisis.