“In China, CMHC is quite important”

Yes, the Canadian Mortgage and Housing Corporation is helping to get homes built in China. If you’re frustrated with house prices here, maybe you should pick up a brand new high end 3000 – 5000 square foot home in Northern Beijing for around $300k.

As part of a little-known mandate to promote Canadian construction companies internationally, the federal housing agency helped local companies including Kryton International, a Vancouver-based concrete waterproofing provider, and local architectural firm Ekistics Architecture secure contracts in a $300-million residential development designed as a high-end, mini-Vancouver neighbourhood — with hundreds of planted trees — in northern Beijing.

Vancouver Forest, located 30 minutes from Beijing’s international airport, is being built in phases by China’s Beijing Capital Group.

The ongoing project, which was designed by B.C. architects and uses B.C. building materials including wood construction, will feature 900 Vancouver-style single detached homes ranging in size from 3,000 to 5,000 square feet on a 549,000-square-metre site that includes many natural landscape features.

It’s just one of many Chinese construction projects that CMHC has helped local companies get involved in.

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MadasHell
Guest
MadasHell

Another example of CMHC is playing Russian roulette with tax payer's money. CMHC must Go!

Jim
Guest
Jim

Nice.

Typical scope creep by a public agency. Give them an inch, and they'll take a mile, when they aren't stealing your money outright (Ontario's Air Ambulance service or eHealth agencies) or exposing you to massive amounts of risk.

Ridiculous
Guest
Ridiculous

I see nothing wrong with promoting Canadian businesses abroad. There arent many things canada does well on an internatioal scale ither tgan ship resources and we need more ways to bring money back to our country. If we cant export finishing with our wood and can only compete if we ship it raw, why not export architectural services instead? Generally, govt shouldn't interfere in anything, but I would prefer this type of interference over everything else the cmhc does…

Anonymouse
Guest
Anonymouse

@Jim:

What risk? Did you read the article?

We've got a lot
Guest
We've got a lot

@Ridiculous: I agree with you that the concept here is good – let's keep Canadian Businesses working, but why is the Canadian Mortgage and Housing Corporation running this thing? I don't think the CMHC should be tasked with helping Canadian businesses, providing mortgages for speculators or building homes in other countries. Why can't they focus on building housing for Canadians in Canada and providing mortgage insurance to low income Canadians?

Ridiculous
Guest
Ridiculous

@We’ve got a lot.: Probably so they can take the surgical precision out of the effort to disband it when the shit hits the fan on the mortgage insurance side…it's not all bad…

We've got a lot
Guest
We've got a lot

@Ridiculous: In other words "Too Big to Fail"?

Maverick
Guest
Maverick

This is certainly outside their scope. Managing mortgage portfolio risk is completely different from trade missions and promoting business contracts abroad.

It's absured. The CMHC has a miniscule amount of equity against a mountain of debt, and they're "helping" Canadian construction firms secure contracts in China. We don't even know what "helping" is supposed to mean here.

By the sounds of China's overbuilding bubble, their timing is perfect too.

Ridiculous
Guest
Ridiculous

@We’ve got a lot.: No. But having several mandates makes it more difficult to communicate what's wrong with the cmhc which makes it harder to rally support around an effort to disband it.

steve w
Guest
steve w

CMHC should be scrapped right away.

Why is a government agency helping a private company? If they can't do it on their own (ie: without taxpayer help) than it isn't worth doing. Total Bs

steve w
Guest
steve w

ever heard of Sino-Forest? aka TRE-X

China is one big tiolet of corruption.

RippedtoShit
Guest
RippedtoShit

you bum busters have NO IDEA how badly things will unravel this spring.

total babes in the woods, deer in the headlights.

sheet is gonna be bad.

chilled
Member
chilled

"……….will feature 900 Vancouver-style single detached homes ranging in size from 3,000 to 5,000 square feet……….."

Cool, to make it authentic "Vancouver Style" they will need lunatics rummaging through the blue boxes. Can we ship them 500 crackheads?

Anonymouse
Guest
Anonymouse

Somebody says CMHC and you all start foaming at the mouths. What exactly is the problem here?

M-
Member

In Japan, "Canada Houses" were popular at the height of their bubble.

whiteshoes
Guest
whiteshoes

This is so sublime and brilliant I'm nearly speechless!

Until now, I was worried about what happens when the bubble collapses and leaves CMHC holding the bag, now I see we're baiting the Chinese into taking it off our hands, so sweetly done I am in awe! Its going to look like THEIR idea, wow thats nice….

Chip
Guest
Chip

Pretty threadbare story. We need to know what financial involvement CMHC is providing. My concern it would be some form of loan guarantee as is done with Bombardier.

jesse
Member

This program is right on the CMHC website, I'm enraged, I guess, but it sounds like some BC companies are getting some benefit. Maybe this is what CMHC should be concentrating on, not mortgage insurance. What they used to do — housing and sh!t!

RippedtoShit
Guest
RippedtoShit

jesse

the imf is now fingering the cmhc, watch for tighter rules in about 90 days.

hold onto your panties Mate!

jesse
Member

@RippedtoShit: The IMF has fingered a lot of things over the years, few turn out to have happy endings. 🙁

Free
Guest
Free

Hey guys, I wonder if you have any advice. I moved away from Vancouver last year to a smaller town and started working independently. I'm able to consult and work remotely so that's worked out nicely, but everything here is so much cheaper than Vancouver, it's crazy.

I save hundreds on auto insurance and gas, thousands on rent for a much nicer place. There aren't parking meters everywhere to nickel and dime me and all the local businesses seem to be cheaper for food and everything else. My question is what should I do with all my extra time and money?

Way Too Long
Guest
Way Too Long

Please….

You dogmatic bears have been wishing for a tightening of rules for years, much like you have been wishing for a rise in interest rates.

Well, three years later we continue to have "emergency" low interest rates and after several changes to the mortage rules, all purported to deliver the final blow to the Vancouver market, the prices are even higher.

Keep dreaming about CMHC changes boys and girls….because that is all you will have…is dreams…lol

Anonymouse
Guest
Anonymouse

@Way Too Long:

Don't forget about HST and the Olympics.

registered
Member
registered
22 Way Too Long Says: "Keep dreaming about CMHC changes boys and girls.." It's damn sweet to see people who still believe in magic-think. You keep right on 'dogmatically' believing the Canadian government can sustain market manipulation permanently exactly like no other nation in history could if that's what makes you feel superior. Damn shame about the cost when it inevitably gets repaid though. Let's work together now on figuring out who to blame when it happens so you can still feel good about yourself. The #1 lesson from this story is it clearly illustrates the CMHC's internal, private mandate long ago was hijacked from social assistance to stimulating industry. It's shines a searchlight into the current state of Canada's residential housing market and why the CMHC floods the market with liquidity. It's about developers, not the disadvantaged. SOP from… Read more »
Anonymous
Guest
Anonymous

I was out for a couple post Xmas beers with a buddy last night. He's devastated about his condo. He's been telling me for years that he could easily get $750k for it (while my inner eyes rolled) but a few weeks ago an identical unit in the same building just closed for $450. I told him it must have been a boxing day sale. There really is a Santa!

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