CMHC is strong enough to withstand a housing correction

Canada Mortgage and Housing Corporation says that its capital levels are strong enough to withstand earthquakes, anti-globalization, a sharp drop in oil prices, or a US-style housing correction.

The agency carries out stress testing of its finances as required by OSFI to ensure it maintains capital levels strong enough to deal with extreme scenarios.

“CMHC has always been and continues to be a stabilizing force in Canada’s housing system,” commented Romy Bowers, Chief Risk Officer, CMHC. “As a responsible risk manager, we seek out extreme, almost unimaginable situations and ask ourselves ‘what if?’ That’s the goal of our stress testing – to measure how we would stand up to these unlikely shocks. In all cases, this year’s stress testing shows we are well capitalized to handle these very severe situations.”

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