The Canada Mortgage and Housing Corp. Will be changing their name in the coming months. According to Evan Siddall “the housing agency needs a new name to reflect how its mandate has changed to be about more than just home ownership and mortgages”
They feel as though the name overemphasizes the financing of home ownership and not enough to highlight housing affordability. Evan Siddall says “changing the name would better align with the corporations present and its future”.
The Federal legislation is needed for an official name change BUT Siddall says “it won’t prevent the organization from using a trade name”
The CMHC is thinking along the lines of “Housing Canada”. Having the word mortgage in the current name conveys that CMHC is a financial institution, Although it’s partly true it neglects to focus on helping people afford a place to live, through renting, buying or a social housing program.
Siddall said “the pandemic has significantly changed how governments look’s at housing among other parts of the economy”. This has gotten in the way of CMHC’s ambitious goal of providing all Canadians with homes they can afford by 2030. About 1 Billion worth of mortgage payments were deferred each month during the pandemic.
This change will have no effect to it’s consumers.