Canada Mortgage and Housing Corporation (CMHC) handed out $30.8 million in bonuses in 2024, according to government records obtained by the Canadian Taxpayers Federation.
This brings total CMHC bonuses to $132 million since 2020, despite ongoing affordability challenges in the housing market.
“Why are Canada’s housing bureaucrats showering themselves with bonuses when countless Canadians can’t afford homes?” said Franco Terrazzano, Federal Director of the Canadian Taxpayers Federation.
“Canadians need more homes, not more highly paid pencil pushers rubberstamping bonuses for each other.”
The records show that 2,398 CMHC employees — 91% of its workforce — received bonuses last year, averaging $12,865 each. Meanwhile, 12 CMHC executives collected a total of $1 million in bonuses, with an average payout of $83,859.
In addition to the bonuses, the CMHC issued 2,190 pay raises in 2024, costing taxpayers $9.3 million. No employees received pay cuts, according to the records.
The agency has repeatedly stated its mission is to improve housing affordability, but the Royal Bank of Canada described 2024 as the “toughest time ever to afford a home.”
A poll conducted by Ipsos last year found that 72% of Canadians who do not own a home have “given up on ever owning” one, while 80% believe homeownership is now “only for the rich.”
The Canadian Real Estate Association forecasts that home prices will increase by 4.7% in 2025, bringing the average price to $722,221.
“The CMHC’s c-suite deserve pink slips more than huge bonuses,” said Terrazzano. “The federal government must stop rewarding failure with taxpayer-funded bonuses.”
Since 2015, Ottawa has awarded $1.5 billion in bonuses, despite a report from the Parliamentary Budget Officer showing that less than 50% of performance targets are consistently met each year.