She later moved into head office finance and risk management positions with the Bank of Montreal, where she worked for 11 years. During the 2008 financial crisis, she worked in the bank’s treasury department, where she learned a lot about the role of financial institutions and the government during a period of economic shock. “I also witnessed first-hand the partnership between government and the private sector in responding to a national economic crisis,” said Bowers. After working in a risk management capacity in the financial industry, Bowers joined CMHC in 2015 as its Chief Risk Officer (CRO). CMHC had just come under the regulatory supervision of the Office of the Superintendent of Financial Institutions (OSFI) and needed a risk leader to effect transformational change. “I was initially hesitant to make the move to a government agency but, in retrospect, it was one of the best career decisions I have ever made,” said Bowers. Bowers later served as CMHC’s Chief Commercial Officer (CCO). She was then promoted to the role of Senior Vice-President of Client Solutions, which involved leading a team to combine the expertise of CMHC’s commercial and assisted housing businesses to understand Canadians’ housing needs and develop new products and services to meet those needs.
Becoming CEO of CMHC Bowers was an executive at CMHC for six years prior to becoming CEO. This gave her the opportunity to develop a deep understanding of different aspects of CMHC’s business and operations. She learned about its risk management practices as CRO, the commercial mortgage insurance and securitization businesses as CCO, and the delivery of NHS housing programs as Senior Vice President, Client Solutions. She was encouraged to apply for, and was appointed to, the role of CEO in April 2021. “I have a passion for housing and belief in CMHC as a great Canadian institution, as it has served Canadians well in the past with great potential for more great things in the future,” said Bowers. “I also have experience leading organizational and cultural change. Government organizations need to be agile and adaptable to remain relevant in a world that is changing fast and becoming increasingly complex.” Bowers believes that, as CEO of CMHC, she requires an understanding of public policy and
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private sector activities and the intersections between them. The diversity of actors in the housing space means there must be careful and consistent client focus. As CEO, she also has to understand the motivation of employees who come to work each day inspired by CMHC’s mission to ensure that all Canadians can have a home that is affordable and meets their needs. Now in April 2022, Bowers’ immediate priority is to continue to deliver on the current government’s ambitious housing agenda, in particular the development and roll-out of new programs in the 2022 Budget (e.g., Housing Accelerator Fund, Rentto-own pilots, Co-op housing program). She also believes it is important to run CMHC’s commercial mortgage insurance businesses effectively, and ensure that CMHC uses all the tools at its disposal to support housing affordability and the stability of the housing market. “Longer term, I want to focus on building the organizational capabilities that will allow CMHC to serve Canadians and contribute to a more stable, equitable housing market,” said Bowers. “Some important areas of focus for me include enhancing our housing data and analytics capabilities, leading the climate change file as it relates to housing through adaptation and mitigation, and addressing inequities in the housing system for equity-seeking groups.”
MLI Select: A new mortgage loan insurance product According to Statistics Canada, approximately 30 per cent of Canadians rely on rental properties to meet their housing needs. To help create more rental stock and maintain existing rental properties, CMHC offers funding opportunities and mortgage loan insurance products that support the construction, purchase, and refinancing of multi-unit rental properties. MLI Select is a new multi-unit mortgage loan insurance product that focuses on affordability, accessibility, and climate compatibility. It provides rental property owners and developers with access to reduced premiums and longer amortization periods based on their level of commitment to affordability, accessibility, and climate compatibility. The program uses a point system to provide insurance incentives, which are available for new construction and existing properties. Incentives increase based on the commitment to social and environmental outcomes and may result in higher loan-tovalue ratios, increased amortizations, lower debt coverage ratios, and reduced premiums. continued on page 20