CMHC VS. REAL ESTATE
DOES THE CMHC HATE REAL ESTATE? If you were review the statements and reports and press releases being issued by the Canadian Mortgage and Housing Corporation lately, you might easily come to that very conclusion. On Tuesday 19th May 2020, Mr. Evan Siddall, President & CEO of the Canada Mortgage and Housing Corporation (CMHC) addressed the Federal Government's Standing Committee on Finance in a virtual meeting conducted by Zoom and recorded for posterity by ParlVU. Here is a clip from the over 3.5 hour meeting that took place that day. Among the many things that Mr. Siddall states at this moment in the meeting are as follows: Canadians are among world leaders in household debt. Pre-COVID, the ratio of gross debt to GDP for Canada was at 99%. Due in part to increased borrowing but even more so to declines in GDP, we estimate it will increase to above 115% in Q2 2020 and reach 130% in Q3, before declining. These ratios are well in excess of the 80% threshold above which the Bank