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Old 08-29-2016, 10:07 AM   #3090
pseudoreality
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Quote:
Originally Posted by automaton 3 View Post
^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.
Those were my thoughts as well. That is a shotty article. I'm not saying there isn't real estate risk or general debt risk in Canada, but to say we in for worse than 2008 US is ignoring a lot of facts. I predict a small, but long market correction.
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