Yes they must have left off a zero or two.

something like 14% ALL mortgages in the USA were either delinquent or in foreclosure as of mid 2009

so basically CMHCs spokespeople somehow think (or more likely want us to believe) a US style financial crisis CAN’T happen in canada and/or should the impossible actually unfold, that a material price drop would not occur

who knows, maybe they are right and financial armageddon in canada would naturally lead to a run on safe haven assets like $2000/sqft shoeboxes, illegal hotels built on farmland and $9M bungalows primed for demolition

Yeah that is ridiculous. CMHC has over $500 billion worth of mortgages on their books. If 1% of loans go bad they’ll lose over $5 billion. The most they have in reserves appears to be what they call “Total Equity In Canada” on their annual reports, and at most it’s at around $20 billion. Who knows what they count as “equity” though. Basically if 4% or more of their loans go bad, they’re insolvent even by their own metrics. Either the banks, or the taxpayer is going to get screwed in that scenario. With the amount of house-lust in Canada i’m going to bet that taxpayers are going to get royally screwed. In a major correction, I feel at least 10% of the mortgages will default, so the CMHC could be in for a bumpy ride.

“We are a sprawling and relatively poor country that is heavily dependent on sectors that are either in the toilet or gone forever — oil/mining/manufacturing/forest products/farming.”

Right, but our governments have the ingenious solution. A tremendous amount of land to sell to the highest bidder and infinite but mostly useless and detrimental immigration afflux/accumulation.

Oh they know.

Who would know better how insane Canada’s market has gotten than the people insuring the insane fringes of it.

But short of a whistleblower, what six-figure hairy-assed civil servant is going to raise the alarm?

All of them are happy to draw their salaries and pensions while they cheerfully walk Canada to the gates of Hell.

If anything, CMHC staff will know where the best discounts can be had after the coming carnage.

At June 30, 2017, CMHC’s total insurance-in-force was $496 billion, below CMHC’s legislated insurance-in-force limit of $600 billion
https://www.cmhc-schl.gc.ca/en/corp/nero/nere/2017/2017-08-29-1200.cfm

Norwegian business in Vancouver as usual. Like the part “ordered to pay millions” while meanwhile fucking lowlifes Ethan Sun and his wife, Yulan Hu must be laughing their asses off at the prospect of doing anything as such.

Judging by the report the assholes have mainly screwed their homies. Must be some traditional awkward custom to keep the shit within the “family” or they couldn’t hire anybody else but homies due to management only could interview candidates in Mandarin.

so what happens if/when they do pay up? is that the end of the story? will anyone look into what this sham company is really up to and if it is actually a legit business (versus nothing but a fraudulent document mill). will any of the principals be prosecuted (assuming they can be found)? or will they simply be allowed to quietly and discretely wind up operations, shift some money and other assets around, wipe their hands clean and perhaps even setup shop all over again?

hello?
eby?
bueller?
anyone?

Steveston?
Who gives a Fiddlers F*ck…really….

Steveston is really an @ss pimple on the rest of Richmond…full of whiners and bitchers…Sounds like the West side of Vancouver and the legends in their own mind “entitlement ” crowd.

The sad thing is….Richmond Council knows these Steveston types can get organized and target Councillors at election time.

Regardless……Steveston should do Richmond a favor and separate from Richmond so they will STFU and wipe each others bums .

Other articles from that link include Chinese in $100,000 luxury cars stealing $10 pumpkins out of farmers fields and Chinese unabashedly coming to Richmond to give birth so their kid is a Canadian citizen. Yeesh what a gong show Richmond has become.

You are tedious.

If only this big tree cutdown served the purpose of housing young and productive workers of UBC. History shows that those units will be bought and often left vacant by offshore “investors”, also known as millionaire migrants from mainland China,

They bring cash. But in a few years we will all grow to regret the choices our society is making.

Unless mistaken…all the UBC land is LEASEHOLD….often 99year leases….the least desirable RE to get into. Effectively, you are renting the land and buying a depreciating asset…not good.

Nothing is going to change with OSFI changes. Locals care about the monthly payment amount and foreign money does not care about banks.

What’s your interpretation of “nothing unites them except the value of the cars”?

very doubtful this story is aired on this evening’s news cast. this said, i applaud the richmond news for finally stepping up to the plate and talking about some of these issues that many are afraid to go anywhere near. their most recent edition was pretty much cover to cover complaints/rants about all that is wrong in richmond.