When Finance Minister Jim Flaherty took steps to cool the housing
market over the past four years, he largely did so via the Canada
Mortgage and Housing Corp., the Crown corporation that dominates the
mortgage insurance market.
Now he says his interventions in the
housing market are at an end – and he would like to see the CMHC
privatized in the next five to 10 years.
“We’ve taken four steps over the last four years to reduce the
exposure there for taxpayers, so I don’t think there’s a lot more to do
with CMHC or mortgage insurance, certainly not in the foreseeable
future,” Mr. Flaherty said in an interview.
Mr. Flaherty’s goal
has been to steer the market away from the extremes that rocked the U.S.
economy, and to keep mortgage debt loads under control despite the lure
of low interest rates.
But the Finance Minister has also been
aiming to cut the amount of exposure that taxpayers have to the housing
market by way of mortgage insurance and CMHC. (more)
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