Bowers joins CMHC as a highly experienced financial leader and has worked for many notable firms, including the Ontario Municipal Employees Retirement Services (OMERS) and TD Bank. She has also held positions at KPMG and Barclays Capital. Bowers holds a Master’s degree in International Affairs from The Johns Hopkins University School of Advanced International Studies.
Siddall addressed off-the-mark forecasts that he had made during his tenure as CMHC’s CEO. He was optimistic about mortgage rates staying low for an extended period of time, but instead, they have increased significantly due to the Bank of Canada tightening its policies and the pandemic having an effect on the economy.
Siddall sees his mistakes as part of the learning process and believes that mistakes can sometimes lead to better solutions. He said that the forecast was “ultimately an over-optimistic view” and that the Bank of Canada’s ability to raise rates will be determined by the economic recovery.
The appointment of Bowers is seen as a positive development for CMHC and the Canadian housing sector. She brings a wealth of knowledge and experience to the role, with her background in finance and international relations. Bowers is focused on ensuring that CMHC continues to provide high-quality services and products that will help Canadians acquire housing.
Given Bowers’ experience and expertise, she should be able to lead CMHC with confidence. Her appointment also highlights the government’s commitment to improving the stability of the Canadian housing market and providing access to affordable housing.
In summary, Romy Bowers has been appointed the new CEO of CMHC, replacing outgoing CEO Evan Siddall. In his farewell address, Siddall addressed his off-the-mark forecasts during his tenure, which were based on overly optimistic expectations of mortgage rates staying low for an extended period of time. Bowers is seen as a positive addition to CMHC, bringing a wealth of knowledge to the job, with her experience in finance and international relations. It is hoped that her appointment can bring about much needed stability in the Canadian housing market and help provide access to affordable housing for all Canadians.
This article was contributed on Nov 04, 2023