^Many Canadian mortgages are CMHC backed, so not sure what he means there.
CMHC has also has sold "bulk" insurance to lenders, so many mortgages not insured by the borrower may have been insured by the lender.
Conventional mortgages (at least 20% down) are non-recourse in Alberta.
Real estate is local. I have no doubt the lower mainland BC real estate market is headed for trouble.
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