Who cares about the responsible renters and homebuyers: CMHC buys $50 billion worth of loans off of banks’ books! – March 26, 2020,

If you don’t see the writing on the wall for the Canadian economy, I feel sorry for you. The Canadian government and it’s various entities continue to throw money at bad investments and irresponsible investors. 1 month has gone by, we’re not talking about 3+ months of COVID-19, one-month int COVID-19 and apparently people can’t pay their inflated mortgages? It’s so bad Canada’s State-run mortgage insurer CMHC is having to intervene.

The CMHC is actually one of Canada’s more solvent Crown Corporations, but its solvency is reliant on the Canadian housing market remaining inflated. I’ve been saying for years, that Canada’s reliance on imports is going to be a huge problem if the Canadian dollar ever starts to devalue.

Canada’s dollar is still looked at as a Petro-Dollar, but there’s a war on Alberta’s oil by the environmentalists and so far Justin Trudeau hasn’t budged on Carbon Taxes. The tax-payer is on the hook if CMHC becomes insolvent. Congratulations to all of the Canadians who bought homes they couldn’t afford, if you’re a Canadian who couldn’t get an inflated mortgage, or if you’re a Canadian who has been fiscally responsible you just got screwed over again, by your Government and various Federal Government agencies.

I’m now more understanding of renters who will skip paying this month’s rent and expect a bailout from the Government! Beware of the sucker rally that might be happening in the Canadian economy!

CMHC to take more mortgages off banks’ books to free up cash for loans amid COVID-19 crisis | CBC

Interesting times ahead!