Can we get rid of the CMHC Please: CMHC tightens lending standards to protect the housing market during COVID-19 – June 5, 2020,
So as many are aware there are housing bubbles all over the world, but the wors housing bubbles are the housing bubbles that taxpayers who don’t own homes of their own have to pay for.
Do you know what’s a great feeling? It’s hen you as Canadian taxpayer make a financial mistake by purchasing a house you couldn’t afford but knowing that if you got kicked out of your home you couldn’t afford, there’s a nice affordable apartment that you can rent.
What’s terrifying is when you’re a renter or a homeowner who loses their home or rental only to find out rent and housing prices have been artificially inflated everywhere in every Canadian city because CMHC helped people get mortgages who would have never qualified for those mortgages if mortgage insurance in Canada was privatized.
Here’s a secret every single Canadian should know by now, the Canadian dollar is artificially low and your purchasing power is being destroyed to pay for public sector workers, their unions and their public sector pensions, furthermore there’s also a lot of corporate welfare that has to be paid to keep this scam afloat and it’s all paid for by diluting the value of the Canadian dollar.
By almost every metric Canadians have a better standard of living than Americans do, usually, that would reflect in the currency correct? Well, it’s not reflected in our currency because Crown Corporations like CMHC kill Canadians ability to accumulate real wealth via protecting the wealth of the rich. The Canadian housing market still hasn’t crashed and no it’s not true it didn’t crash because of CMHC, it hasn’t crashed because Canadians for the most part pay their bills!
In the video above, Pierre Poilievre attempt to point out the obvious, which is why in the hell do we need CMHC to be a government insurer of mortgages, which basically makes them welfare for the rich and oddly enough CMHC President and CEO Evan Siddall tells the truth.
The problem is most Canadians have zero financial education, while a large chunk who do have some financial education are Keynesians. So, I actually commend Evan Siddall for being so upfront, because at the very least he comprehends that most Canadians either don’t know or don’t care about what’s happening.
But again the article I point to below, should make people ask the question why in the hell do we need CMHC?
CMHC tightens lending standards to protect housing market during COVID-19 | ctvnews.ca
I’m pretty sure the banks would have done this on their own, I’m pretty sure if CHC didn’t destroy the private mortgage insurance market, they would have done this on their own and at the very least if there was a crash, the taxpayer wouldn’t be on the hook of for the stupidity of others and also the Canadian taxpayer could have been the beneficiary of firesale prices.
Canada doesn’t have to allow foreigners to buy homes in Canada during an economic housing crisis, domestic problems like housing are easily solvable because it’s a freaking house already built on a plot of land, it’s not that complicated and banks could soon resume making profits anyway as more capable people buy homes at reasonable market prices.
Because it would be the responsibility of private mortgage insurers to pay for those losses and probably if possible the banks would do whatever they could not to be in the real estate selling business. CMHC is such a silly concept in the internet era where any sale on a nice house would get Canadian buyers.
After reading the CTV article explain to me at a 680 credit score what in the hell do we need CMHC for?
Interesting times ahead!