Connect with us
[the_ad id="89560"]

Business

CMHC dished out $30 million in bonuses in 2024

Published

2 minute read

By Ryan Thorpe 

The Canada Mortgage and Housing Corporation rubberstamped $30.8 million in bonuses in 2024, according to government records obtained by the Canadian Taxpayers Federation.

That pushes total bonuses at the CMHC up to $132 million since the beginning of 2020.

“Why are Canada’s housing bureaucrats showering themselves with bonuses when countless Canadians can’t afford homes?” said Franco Terrazzano, CTF Federal Director. “Canadians need more homes, not more highly paid pencil pushers rubberstamping bonuses for each other.”

A total of 2,398 CMHC staff (91 per cent of its employees) took $30.8 million in bonuses in 2024 – for an average of $12,865 each.

The records show that 12 CMHC executives took a combined $1 million in bonuses last year – for an average of $83,859 each.

The CMHC also issued 2,190 pay raises to staff in 2024, costing taxpayers $9.3 million. No employees took a pay cut, according to the records.

The CMHC has repeatedly claimed it’s “driven by one goal: housing affordability for all.”

In 2024, the Royal Bank of Canada said it was the “toughest time ever to afford a home.”

Last year, polling from Ipsos found 72 per cent of Canadians who do not own a home say “they have given up on ever owning” one.

Eighty per cent of respondents to that poll also said home ownership in Canada is now “only for the rich.”

The Canadian Real Estate Association, in its latest housing outlook report, predicted the average home price will “climb by 4.7 per cent on an annual basis to $722,221 in 2025.”

“The CMHC’s c-suite deserve pink slips more than huge bonuses,” Terrazzano said. “The federal government must stop rewarding failure with taxpayer-funded bonuses.”

Undeserved bonuses are a longstanding tradition in Ottawa.

The federal government has awarded $1.5 billion in bonuses since 2015, despite the fact that “less than 50 per cent of [performance] targets are consistently met within the same year,” according to the Parliamentary Budget Officer.

Before Post

Todayville is a digital media and technology company. We profile unique stories and events in our community. Register and promote your community event for free.

Follow Author

More from this author

2025 Federal Election

Manufacturers Endorse Pierre Poilievre for Prime Minister

Published on

News release from The Coalition of Concerned Manufacturers and Businesses of Canada

“Trump Endorses Carney, Poilievre Endorses Canada”

The Coalition of Concerned Manufacturers and Businesses of Canada (CCMBC) strongly supports the election of Pierre Poilievre as the next Prime Minister of Canada. CCMBC President Catherine Swift stated “Canadian business has been undermined for 10 years by the post-national, anti-business Liberal agenda, and the ability of our members to create well-paying jobs has been seriously impaired. Mark Carney, who has been a key advisor to the Trudeau Liberals for years, will continue this destructive approach.”

International Monetary Fund data show Canada has had the worst growth per capita among developed nations for the last decade, directly as a result of Liberal government policies. Many analysts are referring to this period as Canada’s lost decade, which will merely be extended by a Carney-led government. Swift added “We have never seen any concern for the small- and medium-sized business (SME) community, which represents half of Canada’s GDP, from Carney. His globalist policies only involve large crony capitalists and top-down regulatory overload to the detriment of SMEs.”

It is not surprising that US President Trump recently stated that he would prefer to deal with a Liberal Prime Minister, as Trump would prefer the weaker economy the Liberals have created and which will continue under Carney’s anti-free market agenda. Poilievre has committed to unleashing Canada’s resource wealth and eliminating the industrial carbon tax, essential elements for a Canadian economic revival. Swift concluded “Where Trump endorses Carney, Pierre Poilievre endorses Canada. We firmly believe a Poilievre government will build a stronger Canada, where businesses can succeed and Canadians thrive. This is why we are endorsing Pierre Poilievre for Prime Minister.”

The CCMBC was formed in 2016 with a mandate to advocate for proactive and innovative policies that are conducive to manufacturing and business retention and safeguarding job growth in Canada.

www.ccmbc.ca

Continue Reading

Business

Trump Tariffs are not going away. Canada needs to adapt or face the consequences

Published on

Canadian politicians seem highly focused on fighting the Trump Tariffs with counter tariffs.  This tit for tat battle is like catnip for politicians and media, but it takes attention away from the real situation.  Tariffs are not something we can try to get rid.  Tariffs aren’t a ploy by Trump to influence Canada to strengthen border control.  This is the beginning of the end for the free trade agreement that Canada has 0rganized its entire economy around.

Bob Lighthizer was President Donald Trump’s U.S. Trade Representative during the first Trump administration, from 2017 to 2021.  Watch / Listen to this conversation as Lighthizer explains how Free Trade did not work out well for the American worker. As Lighthizer explains, Free Trade has boosted China, Mexico, and numerous nations where labour is cheap.

The second Trump administration is determined to bring manufacturers back to the US and countries like Canada better adapt fast or the price we’ll pay will be even steeper.

It doesn’t matter if we agree, or disagree, or how many counter tariffs Canadians apply.  The only way out of this mess will be to rebuild the manufacturing sector in Canada and to develop our resources like never before.  The sooner Canada sheds the chains of a net zero focused economy the more likely our nation will survive.

Enjoy this fascinating conversation and apply what you learn to how you see Canada adapting to the new reality.

Continue Reading

Trending

X