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Canada’s Very Own Mortgage Mess: The Laws and Programs Behind a National Dilemma

Canadian Bar Review, Forthcoming

39 Pages Posted: 6 Aug 2010  

Nathan Hume

University of Toronto - Faculty of Law

Date Written: April 30, 2010

Abstract

Canadian house prices require explanation. Despite a deep global recession and persistent credit crisis, they remain near record highs while prices elsewhere have plummeted. This article offers an institutional account of that anomaly. The insurance and securitization programs of the Canada Mortgage and Housing Corporation have insulated the Canadian mortgage and housing markets from recent turbulence. These large, unfamiliar programs also distort and may ultimately destabilize the Canadian economy. Arguments about asset bubbles are unproductive. This article explains these programs, their effects and their legal framework so that we can better discuss what to do with them.

Keywords: CMHC, Canadian Housing Market

Suggested Citation

Hume, Nathan, Canada’s Very Own Mortgage Mess: The Laws and Programs Behind a National Dilemma (April 30, 2010). Canadian Bar Review, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1654340

Nathan Hume (Contact Author)

University of Toronto - Faculty of Law ( email )

78 and 84 Queen's Park
Toronto, Ontario M5S 2C5
Canada

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