Canada Mortgage and Housing Corp. Names New Chief Executive Officer

Canada’s federal housing agency has a new chief executive officer (CEO).

The Canada Mortgage and Housing Corporation (CMHC) has announced that Romy Bowers will assume the dual roles of president and CEO starting on April 6.

Bowers was hired for a five-year term. She replaces outgoing CEO Evan Siddall, who walked back his own predictions of how the COVID-19 pandemic would affect Canadian homes in a series of tweets earlier this week.

Prior to the pandemic, Siddall warned that home prices would not return to their early-2020 levels until the end of 2022. Siddall recently tweeted that he "never pretended to have a crystal ball."

Canada’s housing market has remained resilient and strong during the pandemic, propelled higher by low interest rates and demand as people move out of large cities and to rural and suburban communities.

Bowers was previously senior vice-president at CMHC. She joined CMHC as Chief Risk Officer in 2015 from the financial sector, having worked 12 years at Bank of Montreal. Most recently, Bowers was CMHC’s Senior Vice-President of Client Solutions.