Annual Public Meeting

Description:
Video footage of Canada Mortgage Housing Corporation’s Webinar.

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The video starts with a cover page. Buildings from a bird’s-eye view is shown. Speaker 1 starts speaking.

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Annual Public Meeting
Tune in May 6, 2024
at 1:00 pm EST
Canada
CMHC - SCHL

SPEAKER 1: Okay. Let's turn everyone's cameras off, please. Okay. I kindly ask you to turn your cameras off. We're going to start the music with our public welcome slide, please.

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Operator (Speaker 2)’s voice is heard in the background.

SPEAKER 2: This conference is being recorded.

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Operator repeats the same sentence in French.

SPEAKER 2: This conference is being recorded.
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Marie-Anna Murat’s camera is turned on. It’s shown at the right top of the screen. She starts speaking French.

MARIE-ANNA MURAT: Ladies and gentlemen, good morning. Welcome to the Annual Public Meeting of the Canada Mortgage and Housing Corporation.

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Marie-Anna Murat starts speaking French.

MARIE-ANNA MURAT: Good afternoon, everyone, and welcome to Canada Mortgage and Housing Corporation Annual Public Meeting.

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Marie-Anna Murat starts speaking French.

MARIE-ANNA MURAT: Please note that this event is recorded and is available in the official language of your choice via our simultaneous translation service. I'd like to introduce myself.

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Marie-Anna Murat starts speaking English.

MARIE-ANNA MURAT: I am Marie-Anna Murat, Vice-President of Communications and Marketing, and I will have the pleasure of emceeing this call today. So, before we begin, I would like to thank the first nations around Montreal, where I live, who have frequented and occupied this territory for millennia. I have gratitude for this land, respect and appreciation for its many generations of caretakers. We have people joining us today from many different communities and backgrounds. It is important to recognize that we are connected through the traditions, values and history of our ancestors. So please take a moment to reflect on the land you’re on and the good things that it has brought you. Today, I am joined by Acting Chair of CMHC's Board of Directors, Chris Sicotte; Acting President and Chief Executive Officer Michel Tremblay; Interim Chief Financial Officer and Senior Vice President of Policy Mrs. Nadine Leblanc.

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Marie-Anna Murat starts speaking French.

MARIE-ANNA MURAT: I'm also joined this afternoon by the Interim Chairman of the CMHC Board of Directors, Mr. Chris Sicotte,…

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Cover page disappears. Marie-Anna Murat’s frame covers the whole screen.

MARIE-ANNA MURAT: …our President Michel Tremblay, and our Interim Chief Financial Officer and Senior Vice President Ms. Nadine Leblanc.

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Marie-Anna Murat starts speaking English.

MARIE-ANNA MURAT: Key members of our senior management teams are also on the call including Paul Mason, the Senior Vice President of Business Transformation; Caroline Sanfacon, Senior Vice President of Commercial Solutions; Lisa Williams, Senior Vice President of Housing Programs; Kathleen Devenny, Chief Risk Officer; Marie-Claude Tremblay, Senior Vice President of Corporate Affairs; Mathieu Laberge, Senior Vice President of Housing, Economics and Insights; Caroline Bilodeau, Vice President of Public of, sorry, People and Cultures, apologies; Samir Chhelavda, Vice President Audit and Evaluation; and Mr. Bob Dugan, our Chief Economist. I also want to welcome those CMHC employees who have joined us on livestream channels from locations across the country. So, before we begin, I want to remind everyone that this call is being recorded and that we will have a bilingual format for the meeting.

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Marie-Anna Murat starts speaking French.

MARIE-ANNA MURAT: This meeting will take place in a bilingual format, i.e., in both official languages.

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Marie-Anna Murat starts speaking English.

MARIE-ANNA MURAT: We will first hear from Mr. Sicotte and Mr. Tremblay, who will provide brief opening remarks. Then Ms. Leblanc will then present highlights from the 2023 annual report.

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Marie-Anna Murat starts speaking French.

MARIE-ANNA MURAT: Following this presentation, we have of course included a question period of around 20 minutes for media representatives taking part in the telephone conference.

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Marie-Anna Murat starts speaking English.

MARIE-ANNA MURAT: We also received a large number of questions from the public in advance of today's meeting. It's gratifying to know that there's such high interest, but it means also that we won't have time, unfortunately, to address them all today. So, we will post them all along with our responses on the Annual Public Meeting section of our website. To everyone who posed a question and to everyone attending today, thank you so much for your concern and your care. I'll get things started by inviting Mr. Sicotte to say a few words. Mr. Sicotte?

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Marie-Anna Murat’s frame disappears. Chris Sicotte appears on the screen. His frame covers the whole screen. He starts speaking English.

CHRIS SICOTTE: Thank you, Marie-Anna. In 2023, Canadians learned a lot about housing and the housing shortage we face as a country. Housing led the news consistently. Experts, including many top minds from CMHC, were consulted on the challenge and on solutions. I feel comfortable saying that the attention being paid to housing affordability in Canada is at the highest level I've ever seen it. And this national focus is a great source of strength as we work together as a country to make housing accessible. That's because housing is a complex problem that can only be solved through partnership. It will require close collaboration with all orders of government, with the private and nonprofit sectors and with Canada’s Indigenous communities. The more partners we have on side working together on the problem, the better. Of course, transforming that attention into roofs over heads doesn’t happen overnight. But I’m pleased to be able to say that progress is being made. And CMHC has played a central role through its three key areas of responsibility. Real headway has been made toward the ambitious targets set out in the federal government’s National Housing Strategy. CMHC helps to deliver this strategy as part of its role in delivering federal housing commitments. CMHC’s industry-leading market intelligence and research work is giving us all a clearer picture and guiding decision makers toward targeted solutions. Meanwhile, CMHC’s commercial operations, which are separate from government programming and pay dividends back to the federal government, continue to provide stability and liquidity to Canada’s housing system. This meeting is about reporting on what we have accomplished. And CMHC’s Interim Chief Financial Officer, Nadine Leblanc, will be here in a moment to go into some of the high-level numbers that illustrate those accomplishments. But I’d also like to ask you to look beyond those numbers and consider what they mean for the people we serve. For example, when you hear about the 130,000 new homes created by the National Housing Strategy, understand that one of those units is home to Robert in Edmonton, and it changed his life. He lives at the Salvation Army Grace Village, a 175-bed supportive housing facility for people like Robert, who needs help making the move from chronic homelessness to permanent housing. That facility was created with support from the Affordable Housing Fund, previously known as the National Housing Co-Investment Fund. I’ll speak for all my fellow Board members when I say that we work very hard to keep the Roberts of this country in mind as we oversee and guide CMHC’s work. Speaking of the people behind the numbers, let’s also think about the people at CMHC who make the results we’re reporting today possible. We said a fond farewell to one of those people at the end of 2023. President and CEO Romy Bowers, who left the organization in December, was a great leader for CMHC, and her influence will continue for years to come. The Board was pleased that Michel Tremblay, who had already had a long career with CMHC in various senior roles, accepted the request to step in as CEO on an interim basis. His steady hands will guide CMHC forward until the Governor in Council appoints a permanent successor, and we thank him for taking on this responsibility. Meanwhile, the government is also in the process of selecting five Board directors and a new chair. I’d like to thank Derek Ballantyne for his efforts throughout his 6 years as chair. It’s been a pleasure to work alongside him since my appointment in 2022 and to see his knowledge, wisdom and dedication to CMHC in action. And it is my honor and privilege to be here today speaking in his place, on behalf of my fellow board members. So, it is a time of transition and a time of renewal at CMHC. And the corporation enters this period on strong footing. This includes a strong insured book, a deeper relationship with Infrastructure Canada and an excellent team of housing experts. I would like to thank the entire team at CMHC for their diligence and hard work in 2023. It was, as I said, a year of challenges. On behalf of the Board, I’d like to say it was a pleasure to watch them respond. It gives me every hope for an even more successful 2024. What this all adds up to is this: As we enter another year in which the eyes of the nation remain fixed on housing, CMHC is poised to keep delivering. It remains an organization Canadians can count on. And with that, I would like to turn it over to our Interim President and CEO, Michel Tremblay.

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Chris Sicotte’s frame disappears. Michel Tremblay appears on the screen. His frame covers the whole screen. He starts speaking English.

MICHEL TREMBLAY: Thank you, Chris, and welcome, everyone. Today’s meeting is a chance to discuss some of CMHC’s main accomplishments over the past year. It’s also an opportunity to share our future plans at a time when housing continues to be a top concern for Canadians. And certainly 2023 was a challenging year for housing. The shortage grew as housing supply continued to fall short of population growth. Inflation, continued high interest rates and labor shortages all made it hard to create more housing stock. Many Canadians struggled to pay their mortgage or rent, and far too many vulnerable people struggled to keep a roof over their heads.

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Michel Tremblay starts speaking French.

MICHEL TREMBLAY: Despite these difficult times, CMHC has been there for Canadians. We've made great strides towards achieving our goals. What's more, we've concentrated our efforts so that we can devote all our resources to activities that will have the greatest impact in the months and years ahead.

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Michel Tremblay starts speaking French.

MICHEL TREMBLAY: Let me start with our commercial programs. Our mortgage loan insurance and securitization products are vitally important in these uncertain economic times. They stabilize the housing finance system and incentivize more supply. In 2023, we saw an unprecedented demand for our multiunit mortgage loan insurance. And our team stepped up with great efforts to meet this demand. We also delivered expanded funding for purpose-built rentals through Canada Mortgage Bonds. As a result, a large majority of the loans for multi-unit housing issued in Canada in 2023 were insured. This will help boost much-needed rental supply. I’m also really proud of the impact we had last year through our housing research and insights. Our housing supply reports helped to articulate the sheer scope of Canada’s housing shortage and drill down into what kind of homes we need most and where. Our research showing that the country needs 3.5 million homes, beyond what it is already on track to build, has become a rallying point. It has mobilized all levels of governments, the private and nonprofit sectors to direct their efforts to boosting housing supply.

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Michel Tremblay starts speaking French.

MICHEL TREMBLAY: Our recent National Housing Conference also brought together over 550 innovators and specialists from across the country, including private builders and developers, non-profit organizations, governments and financial institutions. Together, they shared the latest innovation knowledge that will help Canada in its commitment to building for the future.

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Michel Tremblay starts speaking English.

MICHEL TREMBLAY: The third area of accomplishment I want to highlight is CMHC’s proven track record on delivering federal government programs and priorities. In 2023, we’ve made good progress on the National Housing Strategy despite the challenging environment for building. In particular, we launched the Housing Accelerator Fund to help municipalities cut red tape and fast-tracked housing. By the end of 2023, we had signed 15 agreements. There are now 179 agreements signed with big cities, small towns, rural communities and Indigenous communities across the country. We expect that this will create more than 750,000 homes over the next decade. This year, we’ll continue to deliver proven NHS programs that have been extended. This includes the Affordable Housing Fund and the Apartment Construction Loan Program. We’re also working with industry partners to develop a catalog of home designs that will help speed up construction, as well as other programs. What’s also remarkable about our accomplishments last year is that they happened against a backdrop of significant change for CMHC.

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Michel Tremblay starts speaking French.

MICHEL TREMBLAY: In 2023, we have adjusted our responsibilities with the Ministry of Infrastructure, which will now be responsible for housing policy development. This change will ensure that policies affecting housing are harmonized across government. The end of last year also saw the departure of our former President and CEO, Romy Bowers. I would like to acknowledge Romy's strong and steadfast leadership during her tenure.

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Michel Tremblay starts speaking English.

MICHEL TREMBLAY: I would also like to thank our former Chair, Derek Ballantyne, for his numerous contributions since he took on the position in 2018. I’ve really appreciated his wise stewardship, and I know Derek will continue to be a strong voice and valuable partner for CMHC in the years ahead. And while we wait for a new Chair to be named, we are fortunate to have the guidance of Chris Sicotte. I know we’ll benefit from his experience and work in providing financial services and advices to First Nations, Tribal Council, business development arms and Métis governments and entrepreneurs. As Acting President and CEO, I rely heavily on my strong senior leadership team and an expert team of employees across the country. They are all true professionals who are unwavering in their commitment to finding housing solutions for Canadians. Everything CMHC accomplished in 2023 was made possible because of them, and they have my deepest gratitude. I will now invite Nadine Leblanc, our Interim Chief Financial Officer, to take a deeper dive into these accomplishments. But in closing, I want to reiterate that, yes, Canada faces housing challenges. They are serious, complex and urgent, but they are solvable. Governments, private and nonprofit partners and Canadians across the country are united in their resolve to face these challenges to build a better future for everyone. And CMHC is proud to do our part to make this happen. Nadine, over to you.

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Michel Tremblay’s frame disappears. Nadine Leblanc appears on the screen. Her frame covers the whole screen. She starts speaking French.

NADINE LEBLANC: Thank you, Michel. On behalf of my colleagues, I am pleased to present the highlights of our 2023 financial results.

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Nadine Leblanc starts speaking English.

NADINE LEBLANC: I’ll start with an overview of the economic context in 2023 followed by our main results.

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The screen is changed to the cover page of the presentation. Buildings from a bird’s-eye view is shown. Nadine Leblanc’s camera is seen at the top right of the screen. Nadine Leblanc continues to speak English.

[Text Displays]
2023 Annual Report.
CANADA MORTGAGE AND HOUSING CORPORATION
CMHC.ca
CANADA
CMHC - SCHL

NADINE LEBLANC: After that, I’ll get into a bit more detail on how we performed in our delivery of federal government programs like the National Housing Strategy, and our commercial products.

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Nadine Leblanc starts speaking French.

NADINE LEBLANC: Let's start with the economic environment. The Canadian economy continued to grow in 2023, with a real increase in GDP of 1%. This was down sharply from the rapid 3.8% growth recorded in 2022. The Canadian labor market showed some resilience in 2023. The unemployment rate rose throughout the year, but remained low: it fell from 5 percent in April to 5.8 percent in December. Meanwhile, inflation fell to 3.4 percent in December, compared with the peak of 8.1 percent reached in June 2022. Higher interest rates due to inflation and lower activity in the housing market have led to lower home sales and prices in 2023. Residential construction has almost reached its highest level in decades. While high-rise housing starts peaked in 2023, low-rise construction declined.

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Presentation page changes. A page that explains the percentages of economy and inflation in 2023 compared to 2022 is shown. Nadine Leblanc continues to speak French.

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Canada’s economy grew by 1.0% in 2023, down from the rapid 3.8% growth in 2022.
Inflation declined to 3.4% in December 2023 from its peak of 8.1% in June 2022.
Rising interest rates, together with lower housing market activity, led to home price declines.

NADINE LEBLANC: This is particularly true of single-family homes and semi-detached houses. Despite strong activity in rental housing construction, the apartment vacancy rate reached a new low of 1.5% in 2023. This is due to increased demand for rental housing fuelled by multiple factors, such as favourable job market conditions, immigration and reduced opportunities for potential buyers.

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Nadine Leblanc starts speaking English.

NADINE LEBLANC: Despite these challenges and the economic conditions, CMHC continued to deliver results in 2023. Let's turn our attention to the performance.

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Presentation page changes. A page that shows 2023 performance with graphs is shown on the screen. Nadine Leblanc continues to speak English.

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2023 Performance
(Millions)
$2,500.0
$2,000.0
$1,500.0
$1,000.0
$500.0
$-
-$500.0
Consolidated income before income taxes
2023: $1,758.0
2022: $1,926.0
Assisted Housing Activity
2023: -$20.0,
2022: $190.0
Mortgage Insurance Activity
2023: $906.0
2022: $972.0
Mortgage Funding Activity
2023: $860.0
2022: $741.0
Eliminations
2023: $12.0
2022: $23.0

NADINE LEBLANC: Before I get into more detail about our performance in 2023, I want to mention that the way we’re presenting our financial statements in '23 changed following the adoption of IFRS 17 Insurance Contracts. Our result: We have restated the comparative information. For 2023, our consolidated income before income tax decreased by $168 million compared to 2022. This is mainly due a decrease of $210 million in our Assisted Housing Activity as a result of net losses on financial instruments. A decrease of $66 million from our Mortgage Insurance Activity due to higher claims expense as a result of adopting IFRS 17. These decreases were offset by an increase in Mortgage Funding Activity of 119 million. This was primarily due to higher guarantee fees earned as a result of pricing increase and higher investment income.

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Presentation page changes. A page that explains NHS Highlights is shown on the screen. Nadine Leblanc continues to speak English.

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NHS Highlights
134,707 new housing units created or committed
272,169 housing units repaired or committed
Supported the reduction or elimination of housing need for 517,000 households
31% of funding committed towards the housing needs of women and children.
Housing Accelerator Fund (HAF) - launched March 17

• $2.5 billion committed in 2023 to fast track 68,092 housing units.

Rapid Housing Initiative (RHI)

• Through its 3 rounds has supported the creation of 15,742 affordable units for those experiencing or at risk of homelessness, including 6,239 units for Indigenous people.

NADINE LEBLANC: Now, turning to the National Housing Strategy, which is the federal government's plan to ensure more Canadians have a safe and affordable place to call home. We have made progress on delivering on this strategy, which covers the entire housing continuum from shelters and transitional housing to community and affordable housing to market rental and homeownership. Here are some key National Housing Strategy highlights as of December 2023. Approximately 135,000 new housing units have been created, and over 272,000 housing units have been repaired. To date, the NHS has supported the reduction or elimination of housing need for approximately 518,000 households. Thirty-one percent of the National Housing funding committed was allocated to housing need of women and children. In 2023, we also delivered on new sources of funding. As an example, the Housing Accelerator Fund, which was launched in 2023, this program provides incentive funding to local governments to help them get more housing built faster. As of December 31st, $2.5 billion were committed to fast-track 68,000 housing units. We also delivered on round three of the Rapid Housing Initiative. Overall, this program has supported the creation of approximately 15,000 affordable housing units for those experiencing or at risk of homelessness. Over 6,000 of these units were for Indigenous peoples.

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Presentation page changes. A page that shows Mortgage Insurance numbers is shown on the screen. Nadine Leblanc continues to speak English.

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Mortgage Insurance
Insurance-in-force (as at) 31 December, 2023: $414 B
Mortgage insurance capital available: 185% of minimum capital required
Homeowner insurance volumes - 48,056 units
Portfolio insurance volumes - 26,935 units
Multi-unit insurance volumes - 220,925 units
Arrears rate - 0.29%

NADINE LEBLANC: Moving on to our commercial products, let's start with Homeowner Insurance. This product protects lenders against borrower default, and it enables qualified borrowers with a down payment between 5 and 20 percent to access mortgage financing at competitive rates. In 2023, our transactional Homeowner insurance products helped home buyers purchase more than 48,000 housing units across Canada with over 15 percent insured in rural areas. CMHC also provides Portfolio Insurance. This allows lenders to poll and insure low-ratio residential mortgages, making them eligible for our NHS NHAMBS and CMB programs. In 2023, we insured close to 27,000 units through portfolio insurance. This is a decrease from the previous year due to fewer large pools insured as well as smaller lenders submitting smaller-sized pools. We also insured mortgage financing for the construction and purchase of multiunit residential properties. In 2023, our multiunit insurance product helped support the construction, refinance or purchase of more than 220,000 housing units. This represents over $43 billion in loans insured in 2023 compared to $30 billion in 2022, an increase of 43 percent. The increase is mainly due to the popularity of our new MLI Select product, which focuses on affordability, accessibility and climate compatibility. These activities accumulated to a total insurance in force of $414 billion at the end of December 2023. This represents an increase of $15 billion compared to 2022. As mentioned, the increase is due to the growth in our multiunit insurance offset by decreases in Homeowner Insurance and Portfolio. With respect to arrears and delinquencies, reported delinquencies remain low, which is consistent with strong economic conditions. There was a slight increase in the arrears rate compared to last year from 0.25 percent in 2022 to 0.29 percent in 2023. This is mainly due to increased delinquencies in Manitoba, Ontario and Quebec. Although there was a slight increase, it's important to note that the arrears rate remains low even when compared to pre-pandemic levels. The capital ratio of our Mortgage Loan Insurance Activity increased from 175 percent in 2022 to 185 percent in 2023 as we generated over a billion of comprehensive income. Furthermore, on August 24, 2023, our Board of Directors decided to temporarily suspend our Mortgage Insurance dividends to retain capital for multiunit insurance growth. This has also contributed to the increase in the ratio.

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Nadine Leblanc starts speaking French.

NADINE LEBLANC: CMHC promotes the stability of the Canadian financial system by providing access to mortgage financing.

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Presentation page changes. A page that explains Mortgage Funding numbers is shown on the screen. Nadine Leblanc continues to speak French.

[Text Displays]
Mortgage Funding

• $151 B National Housing Act Mortgage-Backed Securities guaranteed
• $45 B Canada Mortgage Bonds securities guaranteed
• $0.9 B: Guarantee and application fees received
• Guarantees-in-force (as at) 31 December, 2023: $508 B
• Economic capital available to economic capital required: 109%

NADINE LEBLANC: In 2023, the federal government took advantage of this to introduce new measures to increase the supply of rental housing. On September 26, 2023, the Deputy Prime Minister and Minister of Finance announced an increase in the annual limit on OHC issuance. This limit would rise from $40 billion to $45 billion in 2023, then finally reach $60 billion from January 1, 2024.

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Nadine Leblanc starts speaking English.

NADINE LEBLANC: The Minister of Finance also authorized CMHC to provide up to $155 billion in 2023 and up to 170 billion of new guarantee of NHS MBS annually including 20 billion to support the special purpose guarantee in the CMB program beginning January 1st, 2024. In 2023, we provided guarantee for more than $151 billion in mortgage-backed securities and 40 billion in CMBs. The guarantee and application fees we received decreased by $27 million due to a higher issuance of Affordability-Linked Pools and a lower average term on new issuances this year. We continued to provide preferential guarantee fees for NHS MBS that contain multi-family loans insured under the MLI Select product with the affordability commitment. These Affordability-Linked Pools incentive lenders to provide cost-effective financing choices. This, in turn, helped increase the availability of affordable housing to people in Canada. The issuance of Affordability-Linked Pool totaled $29 billion in 2023, more than double than 2022. At the end of '23, our guarantees-in-force were $508 billion, an increase of 37 billion over 2022.

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Nadine Leblanc starts speaking French.

NADINE LEBLANC: In closing, I would like to reiterate one of the key messages from our President and our interim CEO. We will continue to step in and be there when Canadians need us most. The housing investments announced in recent federal budgets confirm that the Government of Canada will continue to turn to CMHC to support Canadians.

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Presentation page disappears. Nadine Leblanc’s camera covers the whole screen. Nadine  Leblanc continues to speak French.

NADINE LEBLANC: And we will continue to prudently manage the public resources entrusted to us for the benefit of all Canadians. I'd like to join Michel and Chris in thanking our employees for their efforts in pursuing our vision. We owe our results to their drive and determination. Thank you for joining us today.

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Nadine Leblanc disappears. Marie-Anna Murat appears on the screen. Her frame covers the entire screen. She starts speaking French.

MARIE-ANNA MURAT: Thank you very much, Nadine. So, we're now open to questions.
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Marie-Anna Murat starts speaking English.

MARIE-ANNA MURAT: Again, this question period is reserved to the media. I want to remind the general public that the questions that we receive from them will be posted along with our responses on our website. So now, I will pass it over to Jed Kahane, Manager of Media Relation, who will emcee this part of the APM.

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Marie-Anna Murat disappears. Jed Kahane appears on the screen. His frame covers the entire screen. He thanks to Marie-Anna Murat in French and then starts speaking English.

JED KAHANE: Thank you, and hello, everyone. Hello. For the media present, if you wish to ask a question, simply press star and then one on your telephone. And again, I remind you that in order to submit a question, media representatives will need to be on the conference call, as the webcast portion of the call does not permit you to ask questions from that platform.

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Jed Kahane starts speaking French.

JED KAHANE: I would like to remind you that media representatives will have to connect to the conference call to ask a question, as the webcast part of the conference does not allow questions to be asked from this platform.

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Jed Kahane starts speaking English.

JED KAHANE: When you are asking your question on the teleconference, please be sure the volume is down on the webcast. Participants will be allowed to ask one question and one follow-up related to CMHC's 2023 activities and the topics discussed during this conference call.

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Jed Kahane starts speaking French.

JED KAHANE: Please identify yourself before asking your question.

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Jed Kahane starts speaking French.

JED KAHANE: Please identify yourself before asking your question. Operator, over to you.

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Operator’s voice is heard in the background while Jed Kahane’s frame is displayed on the screen.

OPERATOR: Thank you. We will now take questions from the media. So, again, please press star, one at this time if you have a question. There will be a response while participants register for questions. We thank you for your patience. Once again, please press star, one at this time if you have a question. So, Mr. Kahane, we have no questions registered at this time, so back to you.

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Jed Kahane starts speaking English.

JED KAHANE: Okay. Perhaps we can just hold off for a few more seconds in case anyone is trying to connect, and then we'll wrap it up.

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Operator’s voice is heard in the background.

OPERATOR: Okay. Once again, do not hesitate to press star, one at this time for any questions or comments.
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Jed Kahane starts speaking English.

JED KAHANE: Okay. Well, in that case, so we have no questions from the media today.

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Jed Kahane starts speaking English.

JED KAHANE: We don't have any questions from the media today. I'll leave the floor to you, Maria-Anna.

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Jed Kahane disappears. Marie-Anna appears on the screen. Her frame covers the entire screen. She starts speaking French.

MARIE-ANNA MURAT: Thank you, Jed. This concludes our Annual Public Meeting.

[Video Footage]
Marie-Anna Murat starts speaking English.

MARIE-ANNA MURAT: This concludes our Annual Public Meeting. I want to thank everyone for joining us and remind you that this record and as well as this recording as well as the question from the public with our answers will be posed shortly on our website.

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Marie-Anna Murat starts speaking French.

MARIE-ANNA MURAT: I wish you all an excellent end of day.

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The screen goes black. A page appears. Buildings from a bird’s-eye view is shown on the page. Marie-Anna Murat’s frame is displayed at right top of the screen. Operator’s voice is heard in the background.

[Text Displays]
Merci!
CANADA
SCHL - CMHC

OPERATOR: Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

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Operator starts speaking French.

OPERATOR: The conference is now over. Please hang up and thank all participants for joining us.