Scotiabank targets $10-B commitment in support of affordable housing

Scotiabank is targeting a $10-billion commitment to support affordable housing in Canada. Photo courtesy CMHC
Scotiabank is targeting a $10-billion commitment to support affordable housing in Canada.
Photo courtesy CMHC

Scotiabank is joining Canada Mortgage and Housing Corporation (CMHC) with the aim of transforming housing affordability across the country. Scotiabank plans to invest $10 billion over the next 10 years to support CMHC’s goal of all Canadians having a home they can afford and meets their needs by 2030.

“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, Scotiabank CEO. “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.”

CMHC is delivering the National Housing Strategy—a more than $70 billion, 10-year federal investment in housing with additional funding committed by the provinces and territories.

“Governments alone cannot 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 are 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, CEO of CMHC.

Scotiabank’s Sustainable Finance Group—a team offering sustainable finance solutions to corporate, financial, public sector, and institutional clients across the globe—was formed in 2020 to bolster Scotiabank’s leadership in environmental, social, and governance (ESG) issues, offering integrated solutions to their clients’ 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. According to a media release, through ScotiaRISE, Scotiabank aims to support programs and partner with organizations across its footprint to provide tools people need to improve their education and employment prospects, adapt to changing circumstances, and increase the likelihood of financial success.

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