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Ep. 5 - How the CMHC Works
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In this episode, David Fleming critically examines the Canadian Mortgage and Housing Corporation (CMHC) and its impact on the average Canadian. Despite the CMHC's mandate to make housing more affordable, David argues that their policies have failed, often making housing less accessible and more expensive.
David begins by exploring the paradoxical logic behind CMHC's approach: reducing demand by making housing more difficult to buy to lower prices. He discusses key policy changes, such as the removal of 107% financing, 40-year amortizations, the mortgage stress test, and increased down payment requirements. David highlights how these measures, intended to cool the market, have ultimately hurt prospective homebuyers.
This episode is essential listening for real estate professionals, homeowners, and anyone interested in the Canadian housing market. Join David for a candid look at CMHC's policies and their real-world implications.
In This Episode:
- The paradox of CMHC's affordability measures
- History and evolution of CMHC policies
- Key policy changes and their impacts
- Unintended success in strengthening the banking system
- Why CMHC's efforts have failed average Canadians
Timestamps:
- 00:01 - Introduction
- 00:30 - Overview of CMHC and its Mandate
- 01:00 - Paradoxical Logic of CMHC's Approach
- 05:00 - History of CMHC Policies
- 06:30 - Impact of 107% Financing Removal
- 09:00 - Removal of 40-Year Amortizations
- 11:00 - Mortgage Stress Test Introduction
- 13:00 - Increased Down Payment Requirements
- 15:00 - Policy Impacts on Homebuyers
- 17:30 - Strengthening the Banking System
- 20:00 - Conclusion and Key Takeaways
Don't Miss:
- David’s insights on the housing market
- Real-life stories and analysis of CMHC policies
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