The chief executive of the Canada Mortgage and Housing Corporation is to stand down from the role at the end of 2020.
Evan Siddall has been CEO of the CMHC since 2014 and his contract will expire on January 31, 2020. However, his spokeswoman Audrey-Anne Coulombe says he does not plan to extend the term.
“A selection process for a new President and CEO will start in the coming months,” Coulombe told Bloomberg. “This will be an open and transparent process that will be managed by the Government of Canada.”
Siddall has overseen a period of intense activity in housing market policy with provincial and federal measures introduced to cool some fast-growing home prices.
The CMHC has sought to reduce its exposure to the potential risks of the housing market, especially with record high levels of household debt.
Under Siddall’s management, the corporation has cut the total value of the mortgages it insures from around $550 billion in 2014 to $433 billion.
The Ottawa Board of Trade recently welcomed Siddall to speak at an event and tweeted: “Evan and his executive team have transformed CMHC into a high-performing, innovative and ambitious organization.”
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