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Scotiabank Commits C$10 Bln To Support Of Affordable Housing In Canada - Quick Facts

Canadian lender Bank of Nova Scotia (BNS.TO,BNS), called Scotiabank, announced Monday that it is the first large financial institution in Canada to align with Canada Mortgage and Housing Corp. (CMHC) to transform housing affordability across the country.

Scotiabank plans to mobilize $10 billion over the next ten years in support of CMHC's aspiration, that by 2030, everyone in Canada has a home they can afford and that meets their needs. There is a clear shortage of affordable housing in Canada.

As Canada's authority on housing, CMHC is delivering the National Housing Strategy, an over $70 billion, 10-year federal investment in housing with additional funding committed by the provinces and territories.

Scotiabank's collaboration with CMHC to address housing affordability is aligned to ScotiaRISE, Scotiabank's global community investment initiative to promote economic resilience among disadvantaged groups.

Through ScotiaRISE, Scotiabank will support programs and partner with organizations across its footprint that provide the tools people need to improve their education and employment prospects, adapt to changing circumstances, and increase the likelihood of financial success.

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