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This is yet another indication that CMHC does not provide insurance in the true sense at all. CHMC charges the same premiums everywhere in Canada, all the time. It's like an auto insurer charging the same premiums to a guy with 5 drunk driving convictions and several major accidents and a little old lady (and before someone gets smart, no ICBC does not charge these people the same).

CMHC's de facto mandate today is simply to pump as much capital into the RE industry as possible. Go to their website and look at their board of directors and you'll see why this is no surprise.

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condo means shared ownership, which means neighbours regardless of whether you rent or own. thanks for trolling

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So I went to Trulia. There are a total of 657 residences for sale. Then I checked the census and the Blaine area constitutes 1496 in total households. 657 out of 1496 – 44% !! WOW.

Guess the second home thing for Seattlelites and Vancouverites is off. Possibly some good summer rentals to be had! Good for me so I can get out of my half a mill box in the sky.

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Does it make you'all feel better to cut down the city you live in and call home.

I'm sure any of you could afford to buy a home in any other city in Canada!

Have you ever been invited to a barbeque in Van with the outdoor speakers blasting good tunes, hottub/pool maybe,neighbors are guests, well behaved adult social gathering.

Then you go home to your stinky,smokey/curry/noisey apt, that is a $great deal? C'mon, get real!

If you could afford to buy a detached home in The Lower Mainland, without being financially stretched, who wouldn't.

LIFE IS TOO SHORT TO LIVE IN A STINKY RENTAL APT/CONDO LISTENING TO YOUR NEIGHBORS NASTY NOISES!

Yes, waiting for RE prices to come down in Van is a financially smart idea, but when prices bottom out interest rates will be maxed out.

You will never see 1998 home prices at 4-5% int rates.

Vancouver RE has always been $$$ more than the rest of Canada!

So, my question to buyers waiting?

You will either be unemployed, or have to deal with 10%+ interest rates when RE prices enter your realm.

Good luck buying a home here!

It just doesn't matter.

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Most of our friends agree that although it's smallish and old, our rental has some charm and we've done a nice job. You know who practically insulted it outright? Our realtor. He said "I can't believe at your age you would sell your lovely townhouse and live like students." This same realtor would probably be singing the praises of this house's stained glass etc. if we'd bought it for $1M!!

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http://www.6717000.com/mls/V757491-1404-1111-haro…

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Exactly how would CMHC handle a situation (what would happen to bond holders, bond prices, yields) where widespread defaults happen.

CMHC is a Crown corporation and its obligations carry a Crown guarantee, no ifs, ands, or buts.

If CMHC got into a position where it was unable to pay its bondholders due to mortgage defaults the GoC could advance it the funds to do so, or CMHC could simply sell more bonds on the open market. The GoC could either lend the money or grant it (purchasing equity in effect). The BoC could also purchase CMHC debt but cannot buy equity. If CMHC were lent the money either by the GoC, BoC, or the bond market it would have to recover it though higher premiums which would be just desserts IMHO.

There is no doubt CMHC will suffer big losses in BC but the question is how big these will be compared to its reserves. The last major bust in Canada was the Toronto bust of the early 90's, so they should have a good sized war chest. Note, again, that the RE market in the rest of Canada is nowhere as inflated as in BC. IMHO the CMHC will suffer the majority of its losses (in dollar terms) in this bust in BC alone.

I think if the GoC chose to grant CMHC taxpayer's money to cover losses it would be politically explosive. It would be seen as a bailout of BC and to a lesser extent Alberta and Toronto by Canada's non-bubble regions – in particular Quebec. Just imagine Gilles Duceppe taking that one on.

My views on the irresponsibility of the "Conservative" government on this issue are well known on this board and I think they deserve to be defeated on this issue alone.

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