Siddall to step down as head of CMHC at year end, not seeking term extension

OTTAWA — Evan Siddall, the outspoken head of Canada’s housing agency, will step down from the role at the end of the year when his term ends.

The Canada Mortgage and Housing Corporation said Tuesday that the Government of Canada will manage the selection process for a new president and CEO that will start in the coming months.

Siddall was appointed to the five-year post in 2014 by then prime minister Stephen Harper. He agreed in 2018 to an extension of his post, which is set to end December 31.

During his tenure, he focused CMHC on the goal of providing everyone a home they can afford as a essential underpinning of society, while challenging the need for home ownership.

He was vocally critical of policies promoted by Canada’s real estate industry. In a letter last May defending tightened mortgage rules, he urged the federal government to “look past the plain self-interest” of organizations like the Canadian Home Builders Association, the Mortgage Professionals Association of Canada and the Ontario Real Estate Association that had called for loosened rules.

Concerned with rising household debt levels and high home prices, he advocated for policies that would lower real estate prices.

“My job is to advise you against this reckless myopia and protect our economy from potentially tragic consequences,” he said in the same May letter.

In December, he gave a speech critical of policies that worsen affordability, including government-supported mortgage insurance and capital gains exemptions on principal residences.

In the speech, he also raised concerns about zoning by-laws, development fees, lengthy approvals and other policies that restrict supply to also inflate home prices.

He advocated for increased densification as the key solution to both housing affordability challenges and environmental sustainability.

Before joining CMHC, Siddall served as special adviser to Mark Carney at the Bank of Canada, as well as working stints at Irving Oil, Lazard, Goldman Sachs, and BMO Nesbitt Burns. He is also a co-founding investor of the Side Launch Brewing Co. in Collingwood, Ont.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Red Deer city council to vote on mandatory face mask bylaw

The City of Red Deer’s administration is recommending a mandatory face mask… Continue reading

Central Alberta Sudanese community expresses sorrow for doctor’s death

Sudanese community condemns killing of doctor and offers sympathies to his family

Vigils to take place tonight for Alberta doctor killed in walk-in clinic

RED DEER, Alta. — Two vigils are planned tonight for a family… Continue reading

Feds create task force to help get Canadians home after Beirut blast

OTTAWA — The federal government has set up a task force to… Continue reading

Top militant linked to beheadings surrenders in Philippines

MANILA, Philippines — A leading terror suspect who has been linked to… Continue reading

Cast your votes for Best of Red Deer

The Advocate’s Best of Red Deer Readers’ Choice Awards are back. Community… Continue reading

Transit riders urged to review new service changes

We urge all transit riders to submit a transit survey after they… Continue reading

Wearing a mask is easy compared to other sacrifices

How did we let protecting your community become a polarized debate, instead… Continue reading

Michael Dawe: Indecision almost prevented creation of downtown oasis

One of the crown jewels of Red Deer is City Hall Park,… Continue reading

U.S.-Canada pandemic border restrictions extended into September

‘We will continue to keep our communities safe,’ says Public Safety Minister Bill Blair

AB Infrastructure Minister announces $8,522,800 regional water transmission line

Funding is covered jointly by the province, Ottawa and benefiting municipalities

Australian survey: younger Olympians more willing to protest

BRISBANE, Australia — An Australian survey shows a higher proportion of younger… Continue reading

Cohen’s book foreword: Trump ‘wouldn’t mind if I was dead’

NEW YORK — Michael Cohen’s memoir about President Donald Trump will be… Continue reading

Most Read