Canada, CMHC, debt, mortgage

More shifts in CMHC management

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57 Comments

Things seem to be changing over at the CMHC.

The Financial Post says some upper management have been leaving or plan to leave.

First they brought in Robert P. Kelley as the new chairman, now they’ve confirmed the VP of insurance underwriting has left with no reason given.

Chief Executive Karen Kinsley has also announced plans to leave.

Why are all these changes happening now?

Speculation has been rife that agency could be set for more dramatic changes since it is now under the auspices of the Office of the Superintendent of Financial Institutions. Jim Flaherty, the finance minister, has also discussed privatizing parts of the agency.

Good luck with the privatizing Jim.

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Anonymous

@Another Anonymous Poster, thanks for posting on Wartime Housing Limited. I always wondered why my parents referred to our neighbourhood as “wartime housing”. I’ve done a bit more research and find it interesting. An interesting little “detail” for our family history. 🙂

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Anonymous

Can’t wait for the Translink Referendum by Christy Clark. Voters are going to nix any new funding and fares will go up.

Transit users will have to pay for transit. Road users will have to pay for roads. Wonder how this ill impact RE.

Expect $7 Dollar 3 zone fares in 2015.

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Anonymous

“Whatever happened to the yields spiking talk?”

Whatever happened to the yields falling to save the market talk? Oh wait that already happened.

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Manna from heaven

Anonymous

Rule of 72 answers your question. Using your analysis, homes have risen at a rate more than twice that of inflation.

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Anonymous

“So Surrey SFD is currently about $90,000 overvalued”

I know it’s like talking to a brick wall but construction costs are a small component of what decides sale price. Falling land costs take up the slack.

It’s the rents, not the costs, that matter for real estate prices, son.

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Anonymous

Whatever happened to the yields spiking talk?? Theyre not any more. Everyone was so sure that would pop the bubble.

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Anonymous

House prices are not all bubble…

I built a house in 2001 in Surrey. Excluding land, price to build was $150,000.

I used the same plans last year and built the same house. this time it cost $300,000.

The first sold for $340,000

The second sold for $ 740,000

Inflation is everywhere. House costs 100% more to build. Lots costs about 150% more. Excluding inflation, that house second I sold for should be worth $600,000 and sold for $650,000.

So Surrey SFD is currently about $90,000 overvalued. Any more and i think you”re dreaming. Check the costs of other things over the last 12 years. How much have they risen?

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Anonymous

“Personally, I’m inclined to believe that Ottawa purposely stoked the bubble on the theory that a bust — even a bigger one — down the road when other economies (esp. the US) were recovering was better than one concurrent with the GFC.”

Any government will always kick the can down the road rather than take the hit now. It is about getting elected and even legacy. It is the reason we have booms and busts.

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Ralph Cramdown

“It’s going to be difficult to justify why it took the Conservatives six years to seriously evaluate CMHC’s risk exposure.”

If there’s a huge bust, most people will have far more to worry about than a page 5 story about some crown corporation. The story won’t have legs. Fannie and Freddie got press in the business section in the US, but it was hardly ever headline news in mainstream media.

Personally, I’m inclined to believe that Ottawa purposely stoked the bubble on the theory that a bust — even a bigger one — down the road when other economies (esp. the US) were recovering was better than one concurrent with the GFC. There’s too many smart people and too much data in the BoC and in Finance to blame ignorance.

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Democrass

“Is True Confection on Alma & Broadway still alive? If they close then we can shut down the lights on the whole city.”

That was a third rate establishment. For a place that calls itself a desert destination, the deserts were horrible. All factory made and tasted like it. It is a mark of Vancouver’s third rate nature that True Confection is admired.

That strip mall is for sale. It will be condos soon.

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Makaya

Monday: 128 sales
Tuesday: 241
Wednesday: 115
Today: 101

The first and only time we’ve ever heard about “NotaeD” was on Tuesday… I guess he got too excited too quickly.

Come on buddy, come back so that we can make fun of you 🙂 It’s only a flesh wound, you know.

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Anonymous1

can anyone tally the monthly sales till the end of the day today. I know that PaulB’s sales data is not 100 % accurate since his posting is during the day. that way, we just have to have a number tomoro to add to this total to get the May number … and compare it to last month and last year.

thx.

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bon jovi

Is True Confection on Alma & Broadway still alive? If they close then we can shut down the lights on the whole city.

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RFM

Attended the open house for the new Concert Properties development on the Olympic bus parking lot in southeast False Creek: 5 buildings and 750 units starting in 2015; that would mean 3,300 new units within 2 blocks in 3 years. London Drugs and Urban Fare will celebrate. But, what will the market be?????
The plan is for the same old glass/concrete/metal cladding. Nice size parks required by the city.
Otherwise, more boring last-century architecture.

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paulb

New Listings 192
Price Changes 142
Sold Listings 101
TI:18446

http://www.paulboenisch.com

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vangrl

back to Real Estate…

http://www.rosskay.com/

“The radical drop in index value calculated for May 19 and again on May 26th shows a 37.22% drop and 39.11% drop over respective weekly values calculated in 2012. This drop has historical significance, as this represents the largest plus or minus percentage change, year over year, ever recorded by the index”

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george

The amount of insurance that Canada Mortgage and Housing Corp. is selling has fallen dramatically, a sign that the federal government is succeeding in its efforts to reduce taxpayer exposure to the residential real estate market.

Ottawa’s retreat from mortgage market sends CMHC insurance sales tumbling

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mac

Sqeako,

Look around the proverbial room (the one filled with other Canadians spending like lunatics). If you don’t see the mark–you are the mark.

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vangrl

why the down votes? it’s not like i wanted Subway to close, I feel terrible for all the store closures that are happening…gheesh

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vangrl

well i guess “new management” didn’t go over so well at the 4th avenue subway…boarded up today

I’ll kinda miss that place

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elvince

@squeako: Do you EVER have any fun? j/k. You’re gonna have to pay, but also keep in mind that the people who bought at the top and will be left holding the empty bags will pay a lot more than you. And in the end, when those big mansions or penthouse condos will be sold for pennies on the dollar, the frugal one who put money aside will get the chance to buy at a reasonnable price. And those people who’ll buy those RE at 50% of today’s price will have a chance to live hapily in them, and not slave away to pay for them. Now imagine the frugal dude who lives in a small New-Brunswick town, who has no idea what a RE bubble even is, and who’s gonna have to pay just as much as you when… Read more »

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Anonym

I meant DEVIOUS, but shady characters too.

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Anonym

I now see what’s going on here. Flaherty is trying to save his behind and the PM’s office will soon appoint Duffy & Walin team to the CMHC to be the fall guys of the ‘one big hot potato.’ Darn are they ever a dubious little bunch.

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chilled

squeako Says:
May 30th, 2013 at 1:54 pm 33

……snippage…..

Soooo, let me get this clarified, now it is likely that I( the responsible frugal person that does not waste, does not live high on the hog, not bragging, making sacrifices to be fiscally responsible) am going to have to pay for those that wanted all that stuff including a over priced house,…………

+++++++++++++++

YES, you will have to pay, fair is fair.

After all, it will eventually be the taxpayer covering the cost of municipal and emergency services that will be called in to “rescue” your 50 cats, dispose of mountains of hoarded material and park or aging ass in the mental institution.

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squeako

Re: 2) The public are now brought into the loop, while the mess is carefully blamed on the Liberals’ policies and lack of management. 3) Much hand-wringing leads to the inevitable conclusion: no matter who is at fault, the taxpayers are going to have to eat this one. (“Don’t worry, we will make sure that this never happens again.”) Hmmm…sooo.. here it goes.. Well.. so, I have been frugal for decades, saving, careful investing, holding back on consuming un needed fun crap, lemme give a list: 1/ I have chosen to live in small simple abodes, renting, to be responsible and living within means. 2/I drive an old beater, again to be responsible and live within means. 3/ I bought all of my furniture used, to be responsible and live within means. 4/ I shop for groceries when they are… Read more »

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