"...The CMHC was created in 1946 to help Second World War soldiers access affordable mortgages. This was a noble pursuit, however its mandate ballooned to absurd proportions. It now insures mortgages with down payments of less than 20 per cent, thus eliminating lending risk for banks. It also runs a First-Time Home Buyer Incentive Program that not only encourages young Canadians to take on more debt, but gives the federal government a share of new homeowners’ equity. This puts the government in a position where it needs the housing bubble to inflate indefinitely not only to rake in profits, but avert a disastrous scenario where it ends up on the hook for widespread mortgage defaults...."
https://nationalpost.com/opinion/sabrina-maddeaux-the-cmhc-must-be-abolished-before-it-craters-canadas-economy
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