TORONTO, April 12, 2021 /CNW/ - Scotiabank today announced that it is the first large financial institution in Canada to align with Canada Mortgage and Housing Corporation (CMHC) to transform housing affordability across the country. Scotiabank plans to mobilize $10 billion over the next ten years in support of CMHC's aspiration – that by 2030, everyone in Canada has a home they can afford and that meets their needs.
"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. 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," said Romy Bowers, President and CEO, CMHC.
Scotiabank's Sustainable Finance Group - a Global Banking and Markets team that offers sustainable finance solutions to corporate, financial, public sector and institutional clients across our global footprint– was formed in 2020 to bolster Scotiabank's leadership in Environmental, Social and Governance (ESG) issues, offering integrated, superior solutions to our 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."
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as at January 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that by 2030, everyone in Canada has a home they can afford, and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
To find out more about the National Housing Strategy, please visit www.placetocallhome.ca.