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What would our housing market look like without government intervention through CMHC? You know... how it used to be. I shudder to think. I'm glad we are all taking on the risk of housing collapse. When arrears rates start climbing, it won't come in a stream. It will be a tsunami. Looking at arrears rates when anyone can liquidate an asset and make money is meaningless. On point #2. Do some research on the history of the CMHC. It wasn't always the disaster-in-waiting that it is now. CMHC provides insurance to those that borrow fifty thousand dollars from their parents to buy a million dollar house. The ultimate joke will be why no one saw it coming.
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Jan 7, 2014