FILE PHOTO: The downtown skyline and CN Tower are seen past the eastern waterfront area envisioned by Alphabet Inc's Sidewalk Labs as a new technical hub in the Port Lands district of Toronto, Ontario, Canada March 29, 2019. REUTERS/Chris Helgren
Canada Mortgage and Housing Corp has lost mortgage insurance market share to private insurers after the government-backed agency tightened underwriting standards from July 1 as it forecast home price declines of as much as 18% over the next 12 months. Siddall said the CMHC is approaching the minimum level it needs to protect the mortgage market during crises, and urged banks to help protect against further erosion.
Canadian home prices held up through the pandemic as listings dried up alongside buyers, and rose further in July as lower mortgage rates and the end of lockdowns caused demand to outpace an increase in homes put up for sale. But CMHC has forecast home-price declines of as much as 18% over the next year, and Siddall said in the letter he still expects prices to fall.
Useless bunch, they've had 12 years to work with OSFI or better yet NOT BUY/GUARANTEE all the MBS garbage that goes through their offices but nothing.
So they wouldn't lend to Trump then, eh?
Bubble goes pop.
Market crash world wide is imminent?
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