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Bank of Montreal
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Globe says BMO ex Bowers wants cities to add density

2021-07-08 07:11 ET - In the News

The Globe and Mail reports in its Thursday edition that the new leader of Canada's national housing agency says the best way to combat soaring home prices is to build more housing. The Globe's Rachelle Younglai writes that the new chief executive officer of Canada Mortgage and Housing Corp., Romy Bowers, said she is concerned about the spike up in home prices over the past year and the level of homeowner indebtedness. "I do think housing is becoming a really significant societal issue," Ms. Bowers told The Globe. "What worries me about escalating house prices is that it exacerbates the gap between homeowners and people who are not homeowners." Since the start of the pandemic, homeowners have been able to take advantage of record low borrowing rates; the average home price is 38 per cent higher than last year and a typical house across the country costs more than $700,000. Meanwhile, renters, many of whom earn low wages, suffered employment losses or were required to continue working in congregate settings such as warehouses and grocery stores when COVID-19 was quickly spreading. Ms. Bowers, a former Bank of Montreal managing director, added that Canada needs to create "more dense neighbourhoods in our cities."

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