CMHC URGED TO END MORTGAGE INSURANCE

Nov 27, 2013

By AM740 Staff

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It’s been a boon for zoomers when they were looking to buy their first home. Now there’s a bid bid to have the Canada Mortgage and Housing Corporation end its backing of high risk home mortgages. The International Monetary Fund says Ottawa should consider phasing-out the federal insurance programme. The IMF says it exposes taxpayers, to financial system risks and might distort the market as a whole in favour of mortgages over more productive uses of capital. However, the IMF says any structural changes should be gradual to avoid unintended consequences.

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