..Ok, that’s not actually true, the Canadian Real Estate Association is actually just urging the federal government to leave everything as status quo so they can sell lots of houses, but it’s fun to imagine the first paragraph of this Globe and Mail article is meant to be taken literally:
The Canadian Real Estate Association has cautioned the federal government to stay out of the mortgage market until the effects of recent changes can be gauged, as it suggested buyers are racing to secure 35-year mortgages before they are banned in late March.
Imagine the mayhem that would be unleashed upon the Canadian housing market if the government via the CMHC ‘stayed out of the mortgage market’. The end of that sentence is also completely inaccurate, as 35-year mortgages obviously aren’t going to be ‘banned’ in late March, they simply won’t be eligible for tax-payer backed mortgage insurance anymore.
As Paulb points out, the remarkable thing about that article is the comments. Twelve hours after being published there are close to 300 comments, most of them unhappy with the CREA and the CMHC.