Of course not.
Jim Flaherty just isn’t the guy who could slay the Dragon.
Time To Rethink Canada’s Backing of Insured Mortgages, Flaherty Says
Bloomberg News
Finance Minister Jim Flaherty is on board with the International Monetary Fund’s view that it’s time to rethink Canada’s longtime policy of backing insured mortgages.
Government-owned Canada Mortgage and Housing Corp. has become “something more grand, I think, than it was intended to be,” Mr. Flaherty said at an event earlier Friday.
Mr. Flaherty’s comments come at a time of heightened interest in Canada on the role of an institution that some analysts have argued has contributed to the country’s hot housing market.
Canada’s mortgage market differs from many of its peers. Mortgage insurance is required of anyone buying a home with less than a 20% down payment. That insurance comes with 100% backing from the Canadian government, which means taxpayers, not lenders, are on the hook in the case of defaults. The agency was created after World War II, to ensure that veterans could afford to buy homes.
The IMF said last week that the system has its advantages, notably in giving the government some ability to guard against market excesses. But it ultimately exposes taxpayers to big risks, should home prices succumb to a sharp correction, the IMF said. It suggested offloading some risk to private-sector lenders.
Mr. Flaherty has had CMHC’s activities in his sights for many months.
In his 2012 budget, he gave his finance department authority over CMHC –which for decades had been overseen by the ministry responsible for human resources and social development — and named the top bureaucrat at Finance to the company’s board. The country’s banking regulator, the Office of Superintendent of Financial Institutions, was also given the authority to regulate the mortgage insurer, which controls around 70% of the mortgage-insurance market.
Mr. Flaherty said Friday he has sought to limit the risk CMHC poses to the broader government, and to taxpayers, citing government moves to tighten mortgage-insurance regulations four times in the past five years. Those restrictions have put a cap on the amount of liability the CMHC can assume.
OSFI is expected to introduce new guidelines governing mortgage insurers in 2015, CMHC said last week. CMHC also said that, at the behest of Mr. Flaherty, it is now charging a so-called risk fee on mortgages it insures, a move seen as helping compensate the Canadian government for the risk it is exposed to.
A number of commentators, led by the right-leaning C.D. Howe Institute think tank, have argued the government should scale back CMHC’s role in the mortgage-insurance market.
C.D. Howe Institute, Canada Finance Minister, Canada housing market, Canada Mortgage and Housing, CMHC, IMF, International Mone, Jim Flaherty, OSFI
Read More @ http://blogs.wsj.com/
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C2768608 – M5P – 31 MILLBANK AVE Toronto, Ontario – $ 4,395,000
Price Change. Dec 6: $ 4,395,000 Oct 23: $ 4,649,000
Stunning Modern Home With An Award Winning Design With A Picturesque View Just Steps To The Village. This 3+1 Br, 4 Bath, 4200 Sq Ft Sits On A Spectacular …
C2783928 – M2N – 28 SOMMERSET WAY Toronto, Ontario – $ 579,990
Price Change. Dec 6: $ 579,990 Nov 14: $ 588,000
Live In A Beautiful Tridel Townhome In A Prime North York Location. Exceptionally Clean & Well-Kept. Accessible And Conveniently Located. Granite …
C2789640 – M5T – 18 GLASGOW ST Toronto, Ontario – $ 988,000
Price Change. Nov 23: $ 888,000 Dec 6: $ 988,000
Centrally Located Downtown Walk To U Of T, Kensington Market, Parkette, Spadina Restaurants, Ttc, Subway And Hospitals. Spent $ $ 250K On The Totally …
C2796257 – M5M – 360 LAWRENCE AVE W Toronto, Ontario – $ 739,000
Excellent Location, Bungalow Ideally Located Between Bathurst And Avenue Rd, Huge Lot, Finished Basement, …
C2796279 – M6G – 262 BENSON AVE Toronto, Ontario – $ 599,000
Extra Wide, Sunny, Spacious 3 Bedroom Semi In Wychwood! Large Principle Rooms. This House Absolutely Beams With Loads Of Natural Light. Keep As Is Or …
C2796300 – M5T – 80 CARR ST Toronto, Ontario – $ 349,000
Rarely Offered Main Level Luxury Townhouse At “”Gardens At Queen””. Bright Unit Over 600 Sq Ft With 9 Ft Ceilings, Thick37Granite Countertops And A …
C2796310 – M6G – 483 DUPONT ST Toronto, Ontario – $ 859,000
1677Sf 3 Bedroom + Lrg Den, 3 Bthrm Annex Loft House. Largest Of Only 20 Homes In This Boutique Gated Community. Dining Area Can Seat 8 Comfortably! …
C2796329 – M2N – 69 KINGSDALE AVE Toronto, Ontario – $ 979,000
Charming And Updated 2-Storey Has Open-Concept Design Kitchen And Living Area! Walk-Out To Large Deck To Enjoy The Sun And Backyard! Finished Lower Level …
C2796335 – M2N – 186 WILFRED AVE Toronto, Ontario – $ 1,150,000
50 X150 Lot * Very Sizable Home*5+2 Bedrooms*6 Washrooms*Newer Thermo Windows*Newer Hi Efficiency Gas Furnace*Central …
C2796388 – M3H – 106 COMBE AVE Toronto, Ontario – $ 1,300,000
Luxury Build New Home, Outstanding Opportunity To Customized With Your Choice Of Finishes, 4300 Sqft + Finished Walk-Up Bsmt W/ Rec Rm, Nanny s Quarter, …
C2796419 – M5M – 436 GLENGARRY AVE Toronto, Ontario – $ 3,099,000
A Magnificent Modern Masterpiece By Danieli Developments In The Heart Of Avenue Rd & Lawrence. Fabulous Open Concept Multi-Level Design With Soaring …
C2796457 – M5M – 80 DOUGLAS AVE Toronto, Ontario – $ 839,000
Amazing Family Home John Wanless! Private Drive! Large 29Ft Wide Lot,3 Spacious Bdrm,3 Baths,New Mudroom,2nd Mudroom At Back,New Mn Fl Powder,S/S Appl In …
C2796463 – M5V – 39 TECUMSETH ST Toronto, Ontario – $ 369,000
Experience The Pinnacle Of Toronto Living With This Modern Townhouse, Located In The Trendy King St. W With A View Of The Cn Tower. Beautiful Reno d …
C2796482 – M2N – 214 FINCH AVE E Toronto, Ontario – $ 1,188,000
: Most Luxury Finishes Custom Home On Finch Ave, Approx. 3000 Sf Finished Living Spaces, Spectacular Gourmet Kit W/Huge Centre Island, Top Line 6 Pcs …
C2796496 – M2J – 126 VAN HORNE AVE Toronto, Ontario – $ 598,800
Wonderful Family Home, Private Backyard, Four Large Bedrooms, Separate Entrance To The Basement + 1 Bdrm & Kitchen & Recreation Room, Close To Ttc, …
C2796506 – M3H – 52 COCKSFIELD AVE Toronto, Ontario – $ 799,000
Bright, Beautifully Renovated Open 3 Bdrm Bungalow Nestled In The Heart On North York s Bathurst Manor On Sought After 50 Lot. Tons Of Recent Reno s …
C2796541 – M6J – 667 ADELAIDE ST W Toronto, Ontario – $ 729,000
Light-Filled And Roomy, This 3-Storey Freehold Townhome In Prime Queen West Features A Spectacular 2-Level Foyer, Great Flow For Entertaining & Key …
C2796560 – M3A – 12 SANDPIPER CRT Toronto, Ontario – $ 2,098,000
Exceptional Custom Rebuilt Contemporary Ranch Bungalow On A Spectacular Lot And Backing Onto A Magnificent Private-Like Park. A Total Of Over 3500 Sq Ft …
C2796595 – M5S – 79 HARBORD ST Toronto, Ontario – $ 1,599,000
Amazing Commercial/Residential Building At Prime Harbord Street Location Steps From Spadina In The Heart Of The South Annex. Main Floor Commercial Space …
C2796605 – M2N – 207 GLENDORA AVE Toronto, Ontario – $ 978,800
Prime Willowdale Location!!Gorgeous Ravine Lot!!Attention To All Investors/Builders, Excellent Opportunity To Invest/Live Or Build On This Fabulous …
C2796606 – M5M – 217 CARMICHAEL AVE Toronto, Ontario – $ 2,399,000
Absolutely Stunning!! Unparalleled Attention To Detail, Top Quality Finishes, No Expense Spared. Approx. 4000 Sqft + 1500 Sqft Bsmt On A 50 X 115 Lot. …
C2796607 – M6E – 206 LAUDER AVE Toronto, Ontario – $ 599,900
Detached 2 Storey In Demand Corso Italia. Large Front Veranda, Spacious Living Room, Formal Dining Room, Pocket Doors, Gorgeous Original Wood …
C2796626 – M2N – 220 BURNETT AVE W Toronto, Ontario – $ 1,549,000
Highly Desirable Neighbourhood. Close To Many Amenities. New Build With Stunning Finishes. Great Curb Appeal. Marble Master Ensuite. Every Bathroom …
C2796687 – M6C – 319 ARLINGTON AVE Toronto, Ontario – $ 1,149,800
Modernization In Progress: Purchase This 4 Bedroom, 4 Washroom House, Completely Finished With Your Custom Touches & Finishes. Won t Last Long. …
C2796710 – M4Y – 29A DUNDONALD ST Toronto, Ontario – $ 770,000
Totally Updated! Enjoy Convenience And Excellent Finishes Throughout This Completely Updated And Spacious Downtown Home. Large 3-Bedroom Townhome Close …
C2796752 – M2J – 35 SLENDER FERN WAY Toronto, Ontario – $ 349,000
Bright 3 Bed Boom Townhouse In High Demand Location And Friendly Community. Steps To Seneca College, Schools, Shopping Mall, Parks, Library, 24 …
C2796766 – M2N – 315 HOLMES AVE Toronto, Ontario – $ 1,398,800
Stunning&Very Spacious Back-Split 4 Level In Fantastic Location,Only Steps To Bayview& One Of The Best School In The Area. Beautifully Upgraded&Renov. …
C2796791 – M3H – 22 ALEXIS BLVD Toronto, Ontario – $ 1,498,000
Gorgeous Executive Living In Clanton Park! This Custom Built Beauty Under Constructions Offers The Finest Of Living W/Custom Crafted Kitchen Adoring …
C2796793 – M4S – 79 BANFF RD Toronto, Ontario – $ 1,379,000
Remarkable Contemporary Residence Located In The Prime Bayview/Eglinton Area. This 3500 Sf. Home Features Hardwood Floor Throughout, Elegant Open Concept …
E2778036 – M1B – 139 WICKSON TR Toronto, Ontario – $ 395,000
Price Change. Dec 6: $ 395,000 Nov 29: $ 414,900 Nov 6: $ 419,900
Beautiful Well Maintained Premium Corner Lot 4 Bedroom Home With Gleaming Hardwood Throughout. Beautiful Picture Window In Living Room. Modern Kitchen, …
E2789920 – M4C – 33 REDNOR RD Toronto, Ontario – $ 524,900
Price Change. Dec 6: $ 524,900 Nov 23: $ 535,000
Prime East York Bungalow, Large Deep Lot 30 X133 , 2 Bedrooms, Separate Living And Dining Room,37Walk-0Ut To Large Deck & Sunroom, Eat-In …
E2790836 – M1R – 14 FREY CRES Toronto, Ontario – $ 479,900
Price Change. Dec 6: $ 479,900 Nov 26: $ 499,000
Location!!!Location!!!Location!!! Bright And Huge Bungalow, Hardwood Floor Throughout, Modern Washroom With Granite Top And …
E2795592 – M4C – 65 ELDON AVE Toronto, Ontario – $ 459,999
Price Change. Dec 5: $ 449,999 Dec 6: $ 459,999
A Nice Detached Bungalow Located Off Danforth In One Of The Most Walkable Neighborhoods Of Toronto With A Walk Score Of 88. Next To Subway And Target …
E2796171 – M1B – 100 BURROWS HALL BLVD Toronto, Ontario – $ 279,900
End Unit, Walk-Out To 20X20 Deck With Gate, 10X10 Metal Gazebo With Propane Heater, New Paint, Laminate Floors, New Plugs/Switches, Well …
E2796224 – M1P – 934 MCCOWAN RD Toronto, Ontario – $ 499,999
Brand New Renovation Top To Bottom*** Extra Wide Fully Renovated Ranch Style Bungalow On Premium Lot **New Hardwood**New Roof**New Window** New Modern …
E2796226 – M1E – 351 MILITARY TR Toronto, Ontario – $ 259,000
Terrific End Unit Townhome In The Seven Oaks Area! Totally Upgraded Kitchen. A Pride Of Ownership !! Immaculate 3 Bedroom Home With A Completely …
E2796236 – M1G – 44 STONEHENGE CRES Toronto, Ontario – $ 399,900
Don t Miss This Opportunity! Updated Detached Home-Move In Ready! Full Bthrm Reno, Updated Kit W/Oak Cabinets,New Tile Flr,Countertops & Backsplash.Refin. …
E2796269 – M1X – 51 MANTIS RD Toronto, Ontario – $ 589,000
Excellent Location Mattamy Built Home!! Corner Lot!! Finished Bsmt(3 Pc Washroom+ Kitchen) W/O From Main Floor Kitchen To Beautiful Interlock …
E2796318 – – $ 519,900
Super Location South Of Kingston Rd And Backing On To Toronto Hunt Club Golf Course. Updated …
E2796346 – M1G – 12 DELAWANA DR Toronto, Ontario – $ 439,900
*Beautiful Home Located In A Great Neighbourhood, Close To Park & Amenities *Shows Great *Brand New Renovation *Roof *Windows *Kitchen With Elegant …
E2796392 – M4C – 2 NEWMAN AVE Toronto, Ontario – $ 438,000
**Absolutely Stunning!!!** Luxurious Home Reno d Top-To-Bottom Designed To Perfection! Modern Kitchen With Quartz Countertop, Stainless Steel Appliances, …
E2796469 – M4C – 249 LUMSDEN AVE Toronto, Ontario – $ 428,800
Charming Detached Home In Danforth Village. Bright & Spacious. Open Concept Main Floor Layout. Deep South Facing Yard With Deck Off The Kitchen. 2 …
E2796487 – M1L – 47 BELL ESTATE RD Toronto, Ontario – $ 547,000
End Unit- Premium Extra Wide Lot! Gorgeous 3 Yr Old Freehold Town With Extensive Upgrades! Liv/Din Area Has Dark Hrdwd Floors, 9 Ceilings + Crown …
E2796515 – M1B – 1795 MARKHAM RD Toronto, Ontario – $ 289,900
Great Layout, Affordable Starter Home For First Time Buyers, 2 Full Washrooms, 2 Bedrooms, Low Maintenance …
E2796532 – M1C – 415 MEADOWVALE RD Toronto, Ontario – $ 569,900
Location, Location, Location! Absolutely Stunning 5 Level Backsplit Home * Renovated Top To Bottom * On A Huge Lot 55 X 184 * Complete & Total Privacy * …
E2796547 – M1K – 98A LAUREL AVE Toronto, Ontario – $ 499,400
High Demand Area In Quiet Neighbourhood. Close To T.T.C., Go Train, Schools & Shopping Mall (Chinese Grocery & Halal Grocery). Large 4 Bedroom Semi-Det. …
E2796562 – M4B – 40 GOWER ST Toronto, Ontario – $ 429,900
Huge 40 X 120 Lot, Many Pot Lights, Great Den W/Walkout To Backyard And Garage, 3 Yr New Roof, Fenced Garden, Walking Distance To No Fills, Nearby Vic …
E2796577 – M1W – 73 TAMBROOK DR Toronto, Ontario – $ 425,000
Spacious 3 Bdroom Home In The Heart Of Scarborough, Cathedral Ceiling In Living Room, Walk37Out To Wooden Deck. …
E2796599 – M4B – 180 WESTVIEW BLVD Toronto, Ontario – $ 539,000
Beautiful, Renovated East York Bungalow. Enjoy Now With Room To Grow In Future. Lower Level Suite With Good Income Potential. Across From Topham Park …
E2796601 – – $ 521,900
Fabulous Scarborough. Bungalow With Two Kitchens 5 Bedrooms. Dark Hardwood Floors, Stainless Steel Appliances. Great Neighbourhood Close To Schools, Ttc, …
E2796641 – M4C – 674 MORTIMER AVE Toronto, Ontario – $ 449,900
Why Buy A Box When You Can Buy A Home? For The Price Of An Average 2 Bedroom Condo In Toronto You Can Own This Amazing, Fully Detached Bungalow With 2 …
E2796664 – M1V – 26 TRURO CRES Toronto, Ontario – $ 435,000
New Renovated House With Great Location (Midland/Steeles). For Personal Use Or Easy Rental Income …
E2796685 – M1P – 83 BOROUGH DR Toronto, Ontario – $ 405,000
Renovated 2 Storey End Unit Townhouse, Open Concept Kitchen W/Granite Countertop. 10 Ft Ceiling On Main Level & 11 Feet In 2nd Level. Large Bright …
E2796715 – M1L – 25 STRANGFORD LANE Toronto, Ontario – $ 279,900
The Towns & Villas Of Strangford Lane. Modern 2 Storey Townhome W/Parking. Immaculate 2 Bed, 2 Bath, Stainless Steel …
E2796723 – M4C – 652 COXWELL AVE Toronto, Ontario – $ 469,900
Charming, Lovingly Cared For Semi-Detached. Sparkling Custom Ren d Kitchen 2013, New Roof 2012, Reno d Bathroom 2010, New Hardwood Flooring Main Floor …
E2796757 – M1B – 200 MCLEVIN AVE Toronto, Ontario – $ 209,000
Awesome Condo Townhome * Functional Layout * Well Ventillated & Sunfilled * …
E2796801 – M4L – 1830 DUNDAS ST E Toronto, Ontario – $ 688,000
Fabulous Renovation In Leslieville. Completely Redesigned To Beautiful Spacious Open Concept Done With Permits From Top To Bottom. New Insulation …
W2757926 – M6L – 41 DEMARCO BLVD Toronto, Ontario – $ 609,900
Price Change. Dec 6: $ 609,900 Nov 12: $ 619,900 Oct 8: $ 639,900
**Exceptionally Well Kept Bungalow In Sought After Rustic/Maple Leaf Area**Huge Irregular Lot 50 X53 X121 X144.5 **Renovated Kitchen And Bathrooms**Large …
W2765049 – M9B – 366 THE EAST MALL RD Toronto, Ontario – $ 269,900
Price Change. Dec 6: $ 269,900 Oct 18: $ 279,900
Spacious And Spotless South-Facing Townhouse With Private Patio! Located In The Heart Of Etobicoke, Next To Loblaws, Medical Building, Cloverdale Mall, …
W2779174 – M6M – 14 CRAYDON AVE Toronto, Ontario – $ 519,000
Price Change. Dec 6: $ 519,000 Nov 7: $ 539,000
Complete Gut Out And Remodel. All Top Quality Materials. You Will Love …
W2784949 – M3J – 46 KILLAMARSH DR Toronto, Ontario – $ 749,000
Price Change. Dec 6: $ 749,000 Nov 15: $ 789,000
Beautiful Renovate Backsplit **Spent Over $ 100K In Renos,2 New Kit. W/Granite Countertops,New Hrdwd Flrs In Lr,Dr & Family Room,New 2Pc Bath,New Front …
W2791494 – M2K – 23 LAXIS AVE Toronto, Ontario – $ 449,000
Price Change. Nov 27: $ 399,900 Dec 6: $ 449,000
Great Opportunity To Own A Home In One Of Toronto s Most Desirable Neighbourhoods.Completely “”Gutted”” Wall To Wall 2013!Elegantly Renovated With …
W2795396 – M9B – 22 RICHDALE CRT Toronto, Ontario – $ 1,025,000
Price Change. Dec 6: $ 1,025,000 Dec 4: $ 1,199,900
Prestigious Central Etobicoke Detached Renovated Gorgeous 4+1 Bedroom 2-Storey,Fabulous Large Foyer,Circular Stairway,Gourmet Kitchen,B/I …
W2796242 – M8Y – 44 GUTHRIE AVE Toronto, Ontario – $ 849,000
Wonderful Family Home! Spacious 2 Storey Custom Reno/Addition, 3 Bedroom Home On Oversized 50 X 140 Lot!! Separate Large Garage And Parking For 4 More …
W2796245 – M6R – 171 INDIAN RD Toronto, Ontario – $ 1,149,000
Pristine 3 Storey Roncesvalles Edwardian W/ Great Light, Exceptional Character & Impressive Curb Appeal! 12 Rms, Almost 3,500 Sq Ft, 9 Ceilings. …
W2796276 – M6S – 41 MAGWOOD CRT Toronto, Ontario – $ 549,000
Humber Valley Bright Open Plan 3 Bdrm W/ New Gas Furnace & Ac In 2010 & Mainly Newer Windows. Beautifully Landscaped Garden W/ South Exposure. …
W2796383 – M8Y – 30 BETHNAL AVE Toronto, Ontario – $ 778,000
Prime Lot In The Coveted, Pristine Sunnylea Neighbourhood Boasting The Best Schools, Parks, Shopping, Transit. Builder Approved Plans For A 3253 Square …
W2796416 – M6P – 1976B BLOOR ST W Toronto, Ontario – $ 679,000
High Park Executive Styled Freehold Townhome, Corner Unit With Open Concept Living/Dining/Kitchen, Premium Finishes, Granite Counter Tops, Hardwood …
W2796448 – M8V – 36 BLUEWATER CRT Toronto, Ontario – $ 599,900
Gorgeous Executive Sunny 3 Bed Freehold Town.Absolute Move-In Condition&Updated.Open Concept Liv/Din Has Pre-Engineered Wood Fl,2Pc Bath.Entertainers …
W2796472 – M6M – 222 AILEEN AVE Toronto, Ontario – $ 429,000
Great Family Home That Features 2+1 Bedrooms. 2 Bathrooms, Crown Mouldings, Upgraded Casing And Trim. Wainscotting, Pot …
W2796477 – M3N – 64 VENETIAN CRES Toronto, Ontario – $ 449,900
Great For First Time Buyer Or Investors. Beautiful 4 Bedroom Home Boasts Hardwood Floors …
W2796563 – – $ 649,999
Charming Bungalow In Trendy Kingsway Village. 1 Minute Walk To Royal York And Bloor Subway. Large Deep Secluded Back Yardand A Large …
W2796682 – M9W – 128 HADRIAN DR Toronto, Ontario – $ 629,000
Prime Location, Great Potential As A Rental Property, Walk To Rexdale Plaza / Walmart, All Appl s. Jacuzzi In Ensuite,Close To All Amenities, …
W2796755 – M6J – 224 DOVERCOURT RD Toronto, Ontario – $ 3,299,900
One Of A Kind Historic Detached Home Which Is One Of The Largest Homes In The Area! This Mansion Boasts Approx. 6,000 Sq Ft On 3 Floors! It Incls 9 Guest …
W2796792 – M3N – 67 SECROFT CRES Toronto, Ontario – $ 539,900
This Upgraded Fully Renovated Detached Property Offers A Large Combination Of Living And Dining Room With Lots Of Natural Light And W/O To Hugh Fenced …
Look Inside Canada’s 5 Most Expensive Houses for Sale – Toronto Real Estate
http://www.primetorontoneighbourhoods.com According to the Huffington post, we Canadians do not think of our country “as a playground for the rich”. However,…
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