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40. Canada Infrastructure Bank Support for Housing
41. Canada Infrastructure Bank Involvement in Retrofits/Renovations
42. Canada Infrastructure Bank Mandate and Value
43. Canada Infrastructure Bank Operations (incl. Compensation)
44. Role of McKinsey in CIB Origins
45. Canada Infrastructure Bank Board Member Conflict of Interest (SDTC)
46. Canada Infrastructure Bank Projects
47. Gordie Howe International Bridge: Project Status
48. CMHC Compensation and Operations
49. Samuel De Champlain Bridge Corridor Project Status and Integration of the Réseau express métropolitain
50. Waterfront Toronto

40. Canada Infrastructure Bank Support for Housing

Issue / question

How is the Canada Infrastructure Bank (CIB) supporting housing development?

Suggested response

• The CIB is playing an important role in advancing this government's infrastructure and housing priorities by investing in housing-enabling infrastructure and attracting private investments in major infrastructure projects across Canada. The CIB is working toward the goal of enabling infrastructure for up to 100,000 new homes across Canada.
• Through its Infrastructure for Housing Initiative, the CIB offers low-cost financing to municipalities and Indigenous communities to support essential infrastructure that directly enables new housing. To date, the Initiative has committed $140 million to water infrastructure in Brandon and southeastern Manitoba, paving the way for approximately 15,000 new homes.
• In addition, the CIB provided $2 million to support the proposed redevelopment of the Namur-Hippodrome area in Montréal, which could enable more than 10,000 housing units.

Background

• On March 26, 2024, the Canada Infrastructure Bank (CIB) announced the Infrastructure for Housing Initiative (IHI), a targeted loan product for municipalities and Indigenous communities that aims to fund new infrastructure in support of new housing supply. Investments under the IHI are made under the CIB's existing funding envelope and priority sectors. Eligible projects are expected to be primarily last-mile, and net-new large-scale enabling infrastructure in areas such as:
• Water: including water, wastewater, stormwater and conveyance;
• Transportation: roads, bridges and related civil work;
• Transit: electric buses, light-rail transit, stations and terminals; and
• Clean power: district energy, electricity distribution and storage.
• Under this initiative the CIB partners with the private sector to provide a co-blended loan to municipalities for infrastructure that is necessary to support new housing development. The private sector loan, at market rate, is combined with the CIB's concessional financing to provide a loan at a lower rate than what is available through traditional financing avenues. The loans will be repaid using specific revenue streams that are expected to grow as housing growth materializes (e.g., water ratepayers).
• As of December 2024, the CIB has invested in one IHI project: up to $140 million toward water and wastewater infrastructure in Brandon and small communities in Southeast Manitoba, to strengthen and improve water and wastewater infrastructure in some of the province's fastest growing communities, and to support future developments of approximately 15,000 new housing units.
• Additionally, $2 million was committed in April 2024 under the CIB's accelerator funding program to support analysis and assessment work toward the redevelopment of the Namur-Hippodrome area of Montréal, which could provide more than 10,000 housing units. This work will include determining efficient ways of delivering public transportation, power, and water; how to best deliver an eco-friendly project; and how to ensure proper integration into the existing subterranean infrastructure.
• Prior to the launch of the IHI, the CIB had already announced financing to projects that will spur new housing, including:
• A $7.9 million investment in the Netmizaaggamig Nishnaabeg community of Northern Ontario to help build critical infrastructure (e.g., electrical, broadband and water services) for the establishment 0f fully serviced building lots for approximately 55 multi-family affordable and social housing units (announced in January 2023).
• $15 million invested toward significant road upgrades in the Enoch Cree Nation Reserve in Alberta which will also support investments in other social and community infrastructure initiatives (announced in August 2023).
• Clean energy investments of $135 million in the Markham District Energy project to help expand future district energy systems and support future housing in the City of Markham (announced in November 2022).
• $175 million in a district energy expansion project in Richmond, British Columbia. The project will enable expansion to more than 170 new residential and mixed-use commercial development sites in the area by 2050 (announced in August 2019).

41. Canada Infrastructure Bank Involvement in Retrofits/Renovations

Issue / question

Why is the Canada Infrastructure Bank providing loans with preferential terms to firms and Real Estate Investment Trusts (REITs)?

Suggested response

• Through its Building Retrofits Initiative, the Canada Infrastructure Bank (CIB) provides loans to support the greening of both public and private buildings.
• This funding helps building owners make deeper retrofits sooner, which accelerates Canada's progress towards its greenhouse gas reduction goals.
• The CIB is ensuring that protections for tenants are in place. Project proponents must commit to refrain from raising rent beyond provincial guidelines, avoid any rent increases in provinces without regulated caps and are prohibited from passing increased utility costs onto tenants as a result of the renovation project.

Background

• The Canada Infrastructure Bank (CIB)'s Building Retrofits Initiative (BRI) provides financing for capital costs of energy retrofits, using energy savings, efficiencies, and operating cost savings for repayment. Private-sector buildings eligible for funding under the BRI include commercial, industrial, and multi-unit residential buildings. The CIB's financing is only available for building renovation projects that include decarbonization retrofits. Ultimately, energy savings, efficiencies, and operating cost savings are passed on to building owners and tenants.
• In 2023-24, stakeholders expressed concern to the CIB and the Minister of Housing, Infrastructure and Communities that the CIB's $130 million investment in the Avenue Living Asset Management retrofit project in Alberta and Saskatchewan could lead to renovictions and increased rental prices for tenants. The CIB has been working with Avenue Living and concerned stakeholders to mitigate these concerns. It has also adjusted its standard terms for building retrofits to avoid similar situations for future projects.
• The CIB's investment will finance retrofits at 240 properties (totalling more than 6,400 residential units) within Avenue Living's portfolio.
• Another BRI project involving residential units is the GDI Integrated Facility Services Retrofits. Announced in July 2024, the CIB's $100 million investment will provide opportunities for GDI clients (i.e., building owners and operators of commercial, institutional and multi-residential buildings across Canada) to upgrade aging infrastructure with new mechanical and electrical systems, clean and renewable power sources and energy storage facilities.

42. Canada Infrastructure Bank Mandate and Value

Issue / question

How is the Canada Infrastructure Bank delivering value for Canadians?

Suggested response

• This government is committed to making bold investments in nation-building infrastructure on a scale not seen in generations.
• The Canada Infrastructure Bank (CIB) supports projects that help meet Canadians' urgent needs in trade, housing, clean energy and northern infrastructure. Investing in revenue-generating projects and attracting private capital will ensure the CIB remains a vital driver of Canada's future prosperity.
• The CIB supports complex projects by working with all orders of government, Indigenous communities and private sector partners.

Key point

The CIB has deployed $15.8 billion in capital in 94 projects with a total capital cost of $46.1 billion.

Background

• The Canada Infrastructure Bank (CIB)was established in 2017 to work with stakeholders across Canada to attract investment from private and institutional investors in revenue-generating infrastructure projects that are in the public interest, such as those that support economic growth, trade, and Canada's housing supply.
  • It was mandated to invest $35 billion, with a net fiscal expense of $15 billion to support innovative approaches to infrastructure funding, for instance by offering below market rates or subordinated terms, and to cover the Bank's operating costs.
  • It uses financial instruments including loans, equity, and, where appropriate, loan guarantees to deliver federal support to projects in the public interest to make them commercially viable and crowd-in private investment.
• At present, the CIB has been investing in five priority sectors with the following targets: Public Transit ($5 billion), Green Infrastructure ($10 billion), Trade and Transportation ($5 billion), Broadband ($3 billion), and Clean Power ($10 billion). Across these priority sectors, the CIB has invested $1.1 billion as of March 31, 2025, in projects in partnership with and for the benefit of Indigenous communities, surpassing the original target of $1 billion set by the Government of Canada.
• The Bank is also investing in cross-cutting initiatives to support enabling infrastructure for housing (e.g., water and wastewater) and critical minerals.
• The CIB also plays an important advisory role. It helps build capacity and structure complex projects to support all levels of government in Canada in advancing their goals, particularly around projects that are bankable, and appropriate for attracting private investment and risk transfer.
• As of March 31, 2025:
• 94 investments have reached financial close, five are completed, and 63 are in active construction;
• [redacted], and
• CIB's approved investments are in projects with a total capital cost of $46.1 billion.

43. Canada Infrastructure Bank Operations (incl. Compensation)

Issue / question

What are the operating costs of the Canada Infrastructure Bank, including compensation?

Suggested response

• The CIB's independent Board of Directors ensures that spending aligns with the Bank's strategic objectives and delivers value for money.
• Its compensation framework aligns with best practices of both the public and private sectors across Canada, helping it attract and retain the specialized talent required to structure complex infrastructure deals.
• As with all federal organizations, the CIB is subject to the Privacy Act and the Access to Information Act. As such, personal information, including individual compensation, is protected under federal law.

Key point

• The CIB's operating expenses were just 0.4% of its committed capital of $13 billion, which is good value for taxpayers.

Background

CIB Operations

• The Canada Infrastructure Bank (CIB)'s 2023-24 operating expenses were $55.3 million, including $37.5 million in compensation. This is compared to $46.0 million in 2022-23, of which $30.2 million was for compensation. In 2023-24, the CIB earned $59.2 million in revenue on its investments, compared to $29.7 million in 2022-23, which help offset the cost of its operating expenses.
• This year-over-year increase was primarily attributable to a $7.3 million increase in compensation, due to the continued buildout of staffing to meet the demands of the CIB's increased investment activity. As of December 31, 2024, the CIB has approximately 150 employees.
• In addition to compensation, the CIB's operating expenses are related to general and administration expenses, which include professional fees for due diligence activities for projects, as well as for non-transaction activities such as the investment, accounting, and risk management frameworks.

CIB Compensation

• The CIB's compensation framework is disclosed via the CIB Annual Report in compliance with requirements for Crown corporations under the Financial Administration Act and applicable Treasury Board policies. Compensation expenses for each fiscal year are also reported in the CIB's annual financial statements.
• Chief Executive Officer (CEO) compensation, which includes ranges for short- and long-term performance incentive awards, is recommended by the Board of Directors based on market comparables and position requirements. The final determination is made by the Govenor in Council. The CEO's base salary is fixed by the Governor in Council on the recommendation of the Board at $510,000 - $600,000.
• CIB executives are paid a performance-based incentive award which ranges from 20% to 110% of their base salary. Executives are required to defer a portion of the incentive award over three years. This is to ensure that executives are delivering on long term goals and encourage employee retention. As of March 31, 2024, the median base salary for CIB executives other than the CEO was $293,550.
• All CIB employees are eligible to participate in the CIB's performance-based incentive plan. The incentive plan target for each employee is determined based on a percentage of the employee's base salary earned during the preceding financial year in alignment with market practices for comparable positions.
• In 2023-24, the CIB paid $37.5 million in compensation to 146 employees, including $20.3 million in base salary, $7.7 million in annual incentive awards, and $0.4 million in deferred long-term payments to senior-level employees, with the balance going toward benefits and other items.
• In response to an Order Paper Question during the 44th Parliamentary session, the CIB indicated it had six employees at the EX-level or higher (i.e., CEO, CFO, CIO, Group Head of Strategy, Group Head of Communications & Public Affairs, and General Counsel & Corporate Secretary) with a combined compensation for fiscal year 2023-24 totaling approximately $3.71 million.

44. Role of McKinsey in CIB Origins

Issue / question

What was the role of McKinsey & Company in the creation of the Canada Infrastructure Bank?

Suggested response

• McKinsey & Company was involved in the early days of the Canada Infrastructure Bank (CIB), providing advice to the government and later to the Bank itself as it was being set up.
• The CIB has had no involvement with McKinsey since the appointment of Ehren Cory as Chief Executive Officer of the CIB in November 2020 for a term of five years.

Key point

• McKinsey provided consulting services only during the initial establishment of the CIB.

Background

• The Minister of Finance established the Advisory Council on Economic Growth in March 2016, which fleshed out relevant features for an infrastructure bank, including:
  • use institutional capital to gain greater impact and act as a centre of expertise to structure and deliver projects;
  • have an independent governance structure to attract capital and talent;
  • be capitalized with at least $40 billion over 10 years by the federal government;
  • work in partnership with provincial and municipal infrastructure agencies.
• The Chair of the Advisory Council on Economic Growth was Dominic Barton, who at the time was the Global Managing Director of McKinsey & Company. Also a member of the Council was Michael Sabia, who became Chair of the Canada Infrastructure Bank (CIB) from April 2020 to December 2020.
• Prior to being appointed CEO of the CIB on November 9, 2020, Ehren Cory was President and CEO of Infrastructure Ontario, a Provincial Crown Agency responsible for financing, building, and enhancing the value of the province's infrastructure and real estate assets. Prior to joining Infrastructure Ontario, Mr. Cory worked at McKinsey & Company between 2001 and 2012.
• In addition to Mr. Cory, three current CIB employees previously worked at McKinsey & Company: Steve Robins, Head of Strategy, as well as Mr. Cory's executive assistant, both of whom were hired by Mr. Cory and worked with him at McKinsey and at Infrastructure Ontario; and Aneil Jaswal, Director, Strategies Sector, who was hired by responding to an online job posting.
• The Government of Canada officially announced the creation of the CIB in the 2016 Fall Economic Statement. The proposed CIB would work with provinces, territories, and municipalities to make public infrastructure funding stretch further. The Bank would be responsible for investing at least $35 billion in large infrastructure projects through direct investments, loans, loan guarantees and equity investments.
• The Standing Committee on Transport, Infrastructure and Communities (TRAN) tabled Report 20: The Role of McKinsey and Company in the Creation and the Beginnings of the Canada Infrastructure Bank on November 26, 2025 with dissenting reports. A Government Response was not provided due to the dissolution of Parliament on March 23, 2025.   

45. Canada Infrastructure Bank Board Member Conflict of Interest (SDTC Sustainable Development Technologies Canada and the Canada Infrastructure Bank)

ERRATUM

In the Canada Infrastructure Bank Board Member Conflict of Interest note, a typographical error has been corrected in the Key point section:

"…are no longer members of the CIB Board." should read "…are no longer members of the SDTC Board."

This error has been corrected in the English HTML version of the note.

Issue / question

Is there a real or perceived conflict of interest between the Canada Infrastructure Bank and Sustainable Development Technologies Canada?

Suggested response

• This government and the Canada Infrastructure Bank (CIB) are committed to upholding the highest standards of integrity and transparency in all operations in order to maintain public trust and safeguard the integrity of federal institutions.
• Any allegations of conflict of interest are taken very seriously. It is critical that any concerns are fully and properly investigated to uphold public trust in our institutions.
• One former member of the CIB's Board of Directors and one former CIB employee were Board members at Sustainable Development Technologies Canada. Both individuals are no longer members of the SDTC Board. They resigned [redacted].

Key point

• The two individuals discussed by previous Parliamentary committees (i.e., Andrée-Lise Méthot, Annette Verschuren) are no longer members of the SDTC Board.

Background

Conflict of interest rules at the Canada Infrastructure Bank

• Prior to their appointment to the Canada Infrastructure Bank (CIB) Board of Directors, candidates must declare any real, potential or perceived conflict of interest and undergo rigorous background checks, as is the case with all Governor-in-Council appointments.
• Once appointed, members of the CIB Board must comply with the Bank's Code of Conduct for Directors, which is available on its website and which outlines how to identify and address real, potential or perceived conflicts of interest, so they can effectively exercise their duties. Members of the Board of Directors and the CEO are “public office holders” under the Conflict of Interest Act and are subject to the conflict of interest and post-employment rules set out in the Act.
• Members of the Board of Directors, the CEO and senior officials of the CIB are also bound by the duty of care and conflict of interest provisions included in the Financial Administration Act (FAA). The Bank's Code of Conduct for Directors and Conflict of Interest Policy for Employees go beyond the provisions included in the FAA.
• All employees of the CIB, including the CEO, are subject to the Bank's Conflict of Interest Policy for Employees, which is available on its website and which includes a set of procedures to identify, prevent, report and resolve conflicts of interest, including real, potential and perceived conflicts of interest.

Sustainable Development Technologies Canada (SDTC)

• SDTC was a federal foundation that supported small and medium-sized businesses in the environmental technology sector.
• In response to allegations of mismanagement and workplace misconduct, Innovation, Science and Economic Development Canada (ISED) commissioned two independent reviews of SDTC in 2023 and invited the Auditor General of Canada to conduct an audit.
• Allegations about SDTC were also the subject of studies by the House of Commons Committee on Industry and Technology (INDU) and the Standing Committee on Access to Information, Privacy and Ethics (ETHI) in late 2023 and early 2024; and raised in early 2024 at the Standing Committee on Transport, Infrastructure and Communities (TRAN) in relation to former CIB Board members' ties to the organization.
• In June 2024, the Government announced that SDTC programming would transition to the National Research Council Canada (NRC) and form part of the newly created Canada Innovation Corporation (CIC). As part of the new governance framework, the SDTC Board of Directors has been replaced.
• One former member of the CIB's Board of Directors and one former CIB employee were Board members at SDTC:
  • After having resigned from the SDTC Board in September 2021, Andrée-Lise Méthot was appointed to the CIB Board of Directors in December 2022. She resigned from the CIB Board on April 16, 2024, [redacted].
  • Carl Landry, who was Managing Director at the CIB from September 2021 to June 2024, sat on the SDTC Board from April 2021 to May 2024.
• Annette Verschuren, former chair of the SDTC Board of Directors, is Chair and CEO of NRStor Inc. NRStor and three other private and Indigenous partners invested with the CIB in the Oneida Battery Storage project in southwestern Ontario. The Oneida Battery Storage project did not receive funds from SDTC.

46. Canada Infrastructure Bank Projects

Issue / question

Overview of select Canada Infrastructure Bank projects and initiatives: Lake Erie Connector; residential retrofit projects; Varennes Carbon Recycling; and Royal York hotel retrofit

Suggested response

Lake Erie Connector Project

• The Canada Infrastructure Bank (CIB) had committed to financing approximately one-third of the costs for the $1.7 billion Lake Erie Connector project, or up to $655 million, with private-sector lenders providing additional financing.
• The original project proponent opted to cease negotiations before a deal was finalized; therefore, no funding has been provided by the CIB for this project.
• The CIB did spend approximately $900,000 on due diligence — legal and engineering work — which is standard practice. In fact, the CIB spent less than 0.1% of its intended investment on this due diligence, entirely consistent with industry norms for this type of financial review.

Residential Retrofit Projects

• Through its Building Retrofits Initiative, the CIB provides loans to support the greening of both public and private buildings. This funding helps building owners make deeper retrofits sooner, which accelerates Canada's progress towards its greenhouse gas reduction goals.
• For residential retrofit projects, the CIB is ensuring that protections for tenants are in place. In their credit agreements, project proponents must commit to refrain from raising rent beyond provincial guidelines, or avoid any rent increases in provinces without regulated caps. Project proponents are also prohibited from passing increased utility costs onto tenants as a result of the project.

Varennes Carbon Recycling

• The Varennes Carbon Recycling project has entered bankruptcy protection and project proponents are seeking new investors or buyers to move the project forward.
• It's important to remember this is exactly the kind of risk the CIB is designed to take on – stepping in where private lenders will not, to help drive economic growth through innovative new industries and technologies, while also supporting Canada's climate objectives.
• The CIB is engaged in the restructuring process to protect taxpayer interests – for example, by preserving the value of its loan and ensuring any path forward includes credible partners and a viable business plan.

Royal York Hotel Retrofit

• Originally built in 1929, the Royal York hotel is an aging, energy-intensive building with major opportunities for emissions reductions.
• The CIB's financing is enabling a deep energy retrofit — going well beyond what is typically done in the market, where such investments are often not economically viable.
• This is a clear example of how the CIB is closing a financing gap and enabling a project that would not proceed — or would be far less ambitious — without its support.

Background

Lake Erie Connector Project

• The Lake Erie Connector was a proposed 117 km underwater transmission line connecting Ontario and Pennsylvania. The 1,000 megawatt connection was expected to help lower electricity costs for customers in Ontario and improve the reliability and security of Ontario's energy grid. It was also expected to reduce greenhouse gas (GHG) emissions, create 845 jobs, drive more than $300 million in economic activity, and boost Ontario's gross domestic product by $8.8 billion.
• On April 13, 2021, the Canada Infrastructure Bank (CIB) announced an investment commitment of up to $655 million in the project, with ITC Investment Holdings (a subsidiary of Fortis Inc.) and private-sector lenders funding the balance of the $1.7 billion total costs.
• On July 28, 2022, Fortis Inc. announced it had suspended development activities and commercial negotiations on this project, citing unviable macroeconomic conditions. Commercial negotiations related to the project were suspended before the project reached financial close, and no CIB financing was provided.
• The CIB incurred $875,332 in legal expenses and technical advisory expenses to conduct due diligence on this project.
• In early 2024, the rights to the project were purchased by a new proponent, NextEra Energy Transmission (NEET). The CIB is exploring opportunities with them.

Residential Retrofit Projects

• The CIB's Building Retrofits Initiative (BRI) provides financing for capital costs of energy retrofits, using energy savings, efficiencies, and operating cost savings for repayment. Private-sector buildings eligible for funding under the BRI include commercial, industrial, and multi-unit residential buildings. The CIB's financing is only available for building renovation projects that include decarbonization retrofits. Ultimately, energy savings, efficiencies, and operating cost savings are passed on to building owners and tenants.
• In 2023-24, stakeholders expressed concern to the CIB and the Minister of Housing, Infrastructure and Communities that the CIB's $130 million investment in the Avenue Living Asset Management retrofit project in Alberta and Saskatchewan could lead to renovictions and increased rental prices for tenants.
• The CIB's investment will finance retrofits at 240 properties (totalling more than 6,400 residential units) within Avenue Living's portfolio. The CIB has been working with Avenue Living and concerned stakeholders to mitigate these concerns. It has also adjusted its standard terms for building retrofits to avoid similar situations for future projects.

Varennes Carbon Recycling

• The Varennes Carbon Recycling project includes a biorefinery and what would be the country's largest electrolyzer, supplying clean hydrogen and oxygen to convert non-recyclable waste and residual biomass into biofuels. The project is expected to create more than 500 jobs at the peak of construction and about 100 permanent jobs once operational.
• In March 2025, Varennes Carbon Recycling filed for bankruptcy protection under the Companies' Creditors Arrangement Act and sought the Superior Court's approval to seek potential buyers or investors to complete the project.
• As of March 2025, the biorefinery was 75% complete and the electrolyzer was 45% complete.

Royal York Hotel Retrofit

• The project involves a deep energy retrofit at the Fairmont Royal York Hotel in Toronto, Ontario aimed at achieving more than 80% reduction in GHGs by eliminating the use of fossil fuels and steam as energy sources for heating, ventilation, air-conditioning, domestic hot water and hotel operations.
• Compared to conventional retrofits that provide modest annual energy savings, deep retrofits involve upgrades to multiple building systems and equipment such as replacing roofs, adding, upgrading, or rearranging windows, adding or increasing insulation, replacing or improving the building envelope or cladding, and replacing the heating, ventilation, and air-conditioning system with more efficient ones. Deep retrofits typically save at least 50% in energy consumption and 70% or more in GHG emissions.

47. Gordie Howe International Bridge: Project Status

Issue / question

What is the status of the Gordie Howe International Bridge Project?

Suggested response

• The Gordie Howe International Bridge is over 98% complete.
• This project represents the largest and most ambitious infrastructure project ever undertaken at the Canada-U.S. border.
• This state-of-the-art crossing will enhance cross-border connectivity, strengthen supply chains and support a modern, efficient, and secure trade corridor.

Key point

• Construction work is now focused on finishing the bridge structure, completing Ports of Entry, and finalizing highway connections – all targeted for completion by fall 2025.

Background

• The Gordie Howe International Bridge Project (GHIB) will provide modern facilities and a direct highway-to-highway connection between Highway 401 in Windsor, Ontario and Interstate 75 in Detroit, Michigan, facilitating the flow of people and goods at the busiest Canada – United States (U.S.) border crossing. The Bridge will be jointly owned by Canada and Michigan and delivered by Windsor-Detroit Bridge Authority (WDBA), a non-agent Crown corporation, through a public-private partnership with Bridging North America. Canada is funding the full amount of the project with costs to be recouped from toll revenue.
• Construction is over 95% complete and WDBA is targeting a fall 2025 opening. Bridge towers are complete, standing at 220 metres/722 feet. Temporary ports of entry were established by Canada Border Services Agency (CBSA) and U.S. Customs and Border Protection in June 2024, when the American and Canadian sides of the Bridge were joined, marking the Bridge as an official border crossing. Construction of the Ports of Entry buildings on both sides of the border are well advanced and work is also progressing on the Interstate 75 interchange (I-75) in Michigan. Remaining activities include completing construction, testing and commissioning of tolling and other systems and ensuring border agency readiness. CBSA is expected to implement advanced technology at GHIB to enhance border security while facilitating the efficient flow of goods and travelers.
• The Project was initially estimated to be $5.7 billion with a completion date of November 2024, however disruptions due to the COVID-19 pandemic resulted in delays and increased costs. In recognition of the COVID-19 impacts and supported by robust analysis by industry-leading technical, financial, and legal experts, the contract was amended to address cost and schedule impacts and ensure this critical infrastructure Project is delivered to Canadians in a safe, responsible, and timely manner. The new contract value is estimated at $6.4 billion with completion expected in fall 2025.
• The Project is significantly benefiting local communities through its comprehensive Community Benefits Plan, which includes employment, training, and educational opportunities, as well as aesthetic and functional improvements to local communities in the Windsor-Detroit area. Since 2018, the project has employed more than 11,000 workers and supported over 275 local businesses.

48. CMHC Compensation and Operations

Issue / question

How does Canada Mortgage and Housing Corporation's mandate and operations contribute to Canada's housing system?

Suggested response

• Established as a Crown corporation in 1946, Canada Mortgage and Housing Corporation (CMHC) is governed by a Board of Directors and is responsible to Parliament through the Minister of Housing and Infrastructure.
• CMHC contributes to a well-functioning housing system by providing access to stable mortgage financing through mortgage loan insurance and mortgage-backed securities. CMHC also delivers federal housing programs and is a leader in housing market data, research and expertise, which is essential to address today's housing challenges.
• CMHC's compensation for executives is set by the Government of Canada as outlined in the Performance Management Program for Chief Executive Officers of Crown Corporations.

Background

• Canada Mortgage and Housing Corporation (CMHC) was established in Canada as a Crown corporation in 1946. CMHC is governed by a Board of Directors and is responsible to Parliament through the Minister of Housing and Infrastructure.
• CMHC's mandate, as set out in the National Housing Act (NHA), is to promote the construction of new houses, the repair and modernization of existing houses, and the improvement of housing and living conditions.
• CMHC also has a mandate to promote housing affordability and choice, facilitate access to and protect the availability of adequate housing finance, and contribute to the well-being of the housing sector through three core activities: deliver commercial solutions; deliver government programs and priorities and build for the future by providing expert advice.
• Demand for housing multi-unit mortgage loan insurance products was strong in 2024. These products helped cushion the impact of elevated interest rates and rising construction costs on multi-unit projects. More than 49,000 housing units were purchased across Canada with the help of CMHC's homeowner insurance products in 2024, with over 14% insured in rural areas.
• CMHC also offers reliable mortgage funding to approved financial institutions, supporting mortgage lending activities through all market conditions and economic cycles by guaranteeing the timely payment of principal and interest on National Housing Act Mortgage-Backed Securities (NHA MBS). NHA MBS guarantee volumes grew by 9% in 2024 to $164.5 billion, up from $150.6 billion in 2023.
• CMHC commercial and government appropriations programs helped build or repair 504,531 new units in 2024. Of these units, 79% were in markets with greatest need of new and/or improved rental supply.

CMHC Operations

• CMHC's total expenses in 2024 were $4,920 million including housing program expenses, operating expenses and insurance expenses. For government appropriated housing programs, CMHC's total operating expenses were $678 million.
• [redacted]
• CMHC's annual consolidated net income reduces the Government's annual deficit and CMHC's consolidated retained earnings and accumulated other comprehensive income (AOCI) reduce the Government's accumulated deficit.

CMHC Compensation

• CMHC's compensation framework is disclosed via the CMHC Corporate Plan in compliance with requirements for Crown corporations under the Financial Administration Act and applicable Treasury Board policies. Personnel expenses for each fiscal year are also reported in the CMHC's annual financial statements.
• Cash compensation shows the range for each of the respective positions and does not reflect the actual salary and incentives paid to executives, which is personal information protected under federal law.
• Chief Executive Officer (CEO) compensation, which includes a range for short-term performance incentive award, is recommended by the Board of Directors to the Minister responsible based on market comparables and position requirements. The final determination is made by the Governor in Council. The CEO's base salary is fixed by the Governor in Council on the recommendation of the Board at $442,900 to $521,000, as per approved ranges at September 2023.
• CMHC's base salary range for Senior Vice-President (SVP) was $259,642 to $389,463, as per approved ranges at September 2023.
• CMHC executives are also paid a performance-based incentive award that ranges from 0.0% up to 28% for the CEO and 0.0% up to 24.75% (short-term incentive plan) and 0.0% to 24.50% (long-term incentive plan) for SVPs (2023).
• Total compensation per calendar year in 2023 ranged from $442,900 - $666,880 for the CEO and from $259,642 to $581,273 for SVPs.

49. Samuel De Champlain Bridge Corridor Project Status and Integration of the Réseau express métropolitain

Issue / question

What is the government doing with regards to noise and suicide prevention along the Samuel De Champlain Bridge Corridor?

Suggested response

• The quality of life of residents along the Samuel De Champlain Bridge Corridor, and the safety of the bridge itself, are priorities for this government.
• Numerous measures have already been implemented to ensure the safety of the bridge for its users, including dissuasive barriers to prevent suicide attempts, a 24/7 real-time video surveillance system, and the presence of patrol officers trained in suicide prevention.  
• We also continue to work closely with our partners to explore and put in place innovative solutions to manage the noise generated by the corridor so it remains within acceptable limits.

Background

• The Samuel De Champlain Bridge Corridor (Corridor) has been fully operational since 2019, serving residents of Montréal and the South Shore. The Corridor includes the 3.4 km Samuel De Champlain Bridge crossing the St. Lawrence River, the 500 m Île-des-Sœurs Bridge, reconstruction and widening of the federal portion of Highway 15 over 3 km, and realignment of over 1 km of Highway 10. The Réseau express métropolitain uses the bridge's central corridor to provide light rail transit service between the South Shore and downtown Montréal.
• The project is being delivered as part of a public-private partnership (P3) between the Government of Canada and Signature on the Saint Lawrence Group. The P3 includes the design, construction, financing, operation, maintenance, and rehabilitation of the Project over a 34-year period (2015-2049) at a cost of $4.212 billion.
• Some citizens along the highway portion of the Corridor in the Verdun borough have complained that the noise generated by the highway exceeds the limits that the Private Partner is contractually required to respect. To address these concerns, in December 2023, the Private Partner replaced the previous noise abatement barriers in Verdun with new, thicker, higher, and more acoustically absorbent barriers. Elected officials and residents of Verdun have requested that Housing, Infrastructure and Communities Canada (HICC) and the Private Partner demonstrate the effectiveness of the new barriers. On March 14, 2025, HICC received a resolution from the Sud-Ouest borough requesting open communication on noise levels in the Butler sector of Pointe-Saint-Charles where barriers have not been installed.
• HICC plans to communicate the results of recent measurements and next steps with the City of Montréal, local elected officials and residents over the coming months.
• Suicides on the bridge have not been increasing, however each incident typically results in a Coroner's report with recommendations to the Minister of Housing, Infrastructure and Communities. These reports recommend improvements to the dissuasive barriers that run the length of the bridge's multi-use path and installation of barriers along the bridge's roadway decks.
• Measures currently in place follow established best practices for bridge safety and include dissuasive barriers, the presence of patrol officers, and real-time camera surveillance 24 hours a day, seven days a week. In 2024, HICC and the Private Partner coordinated the installation of stickers with suicide prevention messages and the Canadian suicide crisis helpline number along the multi-use path. Additionally, HICC has directed the Private Partner to assess potential improvements to the existing dissuasive barrier as well as the potential addition of barriers.

50. Waterfront Toronto

Issue / question

Is the federal government partnering with the Government of Ontario and City of Toronto to revitalize Toronto's waterfront?

Suggested response

• This government is working in close partnership with the Province of Ontario and the City of Toronto to develop the infrastructure needed to support vibrant, resilient, and inclusive waterfront communities.
• Investments of approximately $1.5 billion have supported the revitalization of Toronto's waterfront, including major contributions to the Port Lands Flood Protection project that has created flood-resilient, developable land and new public green spaces.
• More recently, the federal government announced $325 million toward a joint $975 million infrastructure investment that will enable the future creation of over 14,000 new homes, including affordable rental housing.

Background

• In 1999, the City of Toronto, Province of Ontario and Government of Canada jointly launched the Toronto Waterfront Revitalization Initiative (TWRI), a long-term coordinated plan to renew and revitalize publicly owned lands along Toronto's central waterfront in support of a planned Olympic bid.
• Waterfront Toronto was created in 2001 to lead and implement the TWRI, whose geographical boundaries amount to the transformation of 800 hectares of underutilized brownfield lands along Toronto's central waterfront.
• The organization receives government funding on a per-project basis and continues to be jointly governed by the three orders of government, who have directed three large, shared investments to Waterfront Toronto in support of its mandate.
  • In 2000, initial seed funding of $1.5 billion ($500 million from each level of government) laid the foundation for ongoing urban revitalization, including the completion of over 4,000 housing units, with approximately 580 affordable units, on the East Bayfront and West Don Lands, along with public realm improvements such as Canada's Sugar Beach.
  • In 2017, the three levels of government invested $1.34 billion ($416.6 million in federal funding) to advance the Port Lands Flood Protection project. This soon to be completed project will flood-protect 880 acres of waterfront land and unlock 240 hectares for long-term development, including the newly created land on Ookwemin Minising (formerly Villiers Island).
  • In January 2025, the three levels of government announced a joint investment of $975 million ($325 million from each level of government) to accelerate the delivery of Waterfront Toronto's revitalization plan. This plan will help enable the future creation of over 14,000 new homes, including affordable rental housing, along Toronto's waterfront on Quayside and Ookwemin Minising, and also setting the stage for future waterfront destinations. The Government of Canada is also investing an additional $200 million, to match earlier contributions from the Province of Ontario and the City of Toronto, to support the completion of the Broadview Eastern Flood Protection project, which will enable the development of additional housing.
• Waterfront Toronto's initial 25-year mandate is set to expire in May 2028. The three levels of government are currently working on a mandate extension. This would require an amendment to Waterfront Toronto's enabling legislation, which is of provincial jurisdiction.

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