CMHC hands out $48 million in bonuses during housing crisis

Author: Franco Terrazzano 2022/03/09

VANCOUVER, B.C.: The Canadian Taxpayers Federation called on the Canada Mortgage and Housing Corporation to stop handing out massive bonuses after it spent $48 million on bonuses during a housing affordability crisis.

“Why is the CMHC patting itself on the back and handing out millions in bonuses while Canadians are facing a housing affordability crisis?” asked Franco Terrazzano, Federal Director of the CTF. “If its number one goal is housing affordability, then it doesn’t make sense for the CMHC to give its employees bonuses while Canadians are struggling to find homes.” 

The CMHC gave its employees $48 million in bonuses in 2020 and 2021, according to exclusive documentsobtained by the CTF through an access to information request. The bonus worked out to more than $12,000 for each employee that received a bonus each year on average. More than 93 per cent of CMHC employees received a bonus in 2020 and 94 per cent of employees received a bonus in 2021. 

“Yearly performance assessments are conducted and based on the final result, the relative incentive percentage is paid as the percentage of the employees’ base salary,” according to the CMHC’s ATIP analyst.

The federal Crown corporation is “driven by one goal: housing affordability for all,” according to the CMHC’s website. 

The average home price increased by 12.9 per cent in 2020 and by 21.2 per cent in 2021, according to the Canadian Real Estate Association. The average home price is expected to increase by another 7.6 per cent in 2022. 

A CMHC-funded report published in January 2022 recommends charging annual surtaxes on the value of a home beyond a $1 million threshold. 

“Everyday working people can’t afford to buy a basic home in many regions of Canada anymore,” said Kris Sims, British Columba Director of the CTF. “Studying a plan to reduce housing prices with a new tax is like trying to put out a fire by looking for gasoline to dump on it.”

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