The Canada Mortgage and Housing Corporation is seeking a new president and CEO after Romy Bowers resigned to join the International Monetary Fund.
Bowers will become the director of the IMF’s risk management office after leaving her CMHC post in December, federal Housing Minister Sean Fraser announced Friday. Her departure comes as the federal government is seeking ways to offset Canada’s chronic housing shortage, including through numerous multi-family rental projects backed by CMHC.
Michel Tremblay, CMHC’s current CFO and senior vice-president of corporate services, will assume responsibility for the agency’s management on an interim basis until a new president is appointed by the governor in council.
“I look forward to working closely with the CMHC board and Mr. Tremblay to continue the government’s efforts to deliver on Canada’s housing priorities,” said Fraser in a news release.
Ottawa will soon launch a formal search process for Bowers’ replacement. A search is already underway for various CMHC board members.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.