Gregster
Legacy Member
https://globalnews.ca/news/5065835/federal-budget-2019-homebuyers/
This is insane. It means the CMHC is going to insure and own equity in Canadian homes. They still aren't assessing risk properly and will drive up home cost. They are going to funnel money from stable parts of the country to fund the unstable parts...So you buy a 500k home, they charge you 20k for insurance and then own 10% by giving you "back" 49500$ which then you have to pay the 10% on sale price... People will do it because literally everyone needs to go through CMHC...
In before Freddie Mac and Fannie Mae... This is exactly like getting a TV from a rent to own place or sketchy high interest loan from Easy Finance.. this isn't going to help. This is just Morneau and his buddies laughing.
This is insane. It means the CMHC is going to insure and own equity in Canadian homes. They still aren't assessing risk properly and will drive up home cost. They are going to funnel money from stable parts of the country to fund the unstable parts...So you buy a 500k home, they charge you 20k for insurance and then own 10% by giving you "back" 49500$ which then you have to pay the 10% on sale price... People will do it because literally everyone needs to go through CMHC...
In before Freddie Mac and Fannie Mae... This is exactly like getting a TV from a rent to own place or sketchy high interest loan from Easy Finance.. this isn't going to help. This is just Morneau and his buddies laughing.
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