The Canadian Taxpayers Federation is crying foul over six-figure salaries to Canada Mortgage and Housing Corporation (CMHC) as the country struggles with a housing affordability crisis..According to internal records acquired under the Freedom of Information Act, the CFT alleges that 931, or 42%, of CMHC staffers took home pay cheques of $100,000 or more in 2022. In all it paid $120.5 million last year..That’s on top of $34 million in bonuses and pay raises last year. The average annual bonus was $11,722 CTF said. That brings the total amount of money the CMHC dished out in bonuses and raises since the beginning of 2020 to $93 million. Meanwhile, in the past three years, not a single CMHC employee received a pay cut, CTF said. .According to its website, the CMHC “exists for a single reason: to make housing affordable for everyone in Canada.”.“The CMHC could do more to make homes affordable by hiring 931 carpenters instead of paying hundreds of bureaucrats bloated six-figure salaries,” said Franco Terrazzano, CTF’s federal director. “Canadians need more homes, not more overpaid bureaucrats.” .It comes after an Ipsos poll for Global News in April found 63% of Canadians who don’t own a home have given up on owning one while 70% of respondents think home ownership is “only for the rich.”.In September the Royal Bank reported surging interest rates drove home ownership costs to record levels, with its national aggregate affordability measure the worst its been since 1990. According to the bank, affordability is still manageable on parts of the Prairies, Atlantic Canada and Quebec..“CMHC bureaucrats shouldn’t be taking home millions in bonuses and raises while a generation of Canadians feel they may never own a home,” Terrazzano said..“Maybe CMHC bureaucrats could give the bonuses a break while Canadians can’t afford homes.”
The Canadian Taxpayers Federation is crying foul over six-figure salaries to Canada Mortgage and Housing Corporation (CMHC) as the country struggles with a housing affordability crisis..According to internal records acquired under the Freedom of Information Act, the CFT alleges that 931, or 42%, of CMHC staffers took home pay cheques of $100,000 or more in 2022. In all it paid $120.5 million last year..That’s on top of $34 million in bonuses and pay raises last year. The average annual bonus was $11,722 CTF said. That brings the total amount of money the CMHC dished out in bonuses and raises since the beginning of 2020 to $93 million. Meanwhile, in the past three years, not a single CMHC employee received a pay cut, CTF said. .According to its website, the CMHC “exists for a single reason: to make housing affordable for everyone in Canada.”.“The CMHC could do more to make homes affordable by hiring 931 carpenters instead of paying hundreds of bureaucrats bloated six-figure salaries,” said Franco Terrazzano, CTF’s federal director. “Canadians need more homes, not more overpaid bureaucrats.” .It comes after an Ipsos poll for Global News in April found 63% of Canadians who don’t own a home have given up on owning one while 70% of respondents think home ownership is “only for the rich.”.In September the Royal Bank reported surging interest rates drove home ownership costs to record levels, with its national aggregate affordability measure the worst its been since 1990. According to the bank, affordability is still manageable on parts of the Prairies, Atlantic Canada and Quebec..“CMHC bureaucrats shouldn’t be taking home millions in bonuses and raises while a generation of Canadians feel they may never own a home,” Terrazzano said..“Maybe CMHC bureaucrats could give the bonuses a break while Canadians can’t afford homes.”
