CMHC Privatization? Flaherty Eyes Selling Off Mortgage Insurer Within 5 To 10 Years

Jim Flaherty

First Posted: 10/22/2012 8:14 am EDT Updated: 10/22/2012 8:38 am EDT

TORONTO — The Globe and Mail reports that Finance Minister Jim Flaherty would like to privatize Canada Mortgage and Housing Corp. within five to 10 years.

The Globe's story is based on remarks Flaherty made during an interview.

The story notes Flaherty has introduced reforms to limit the government's exposure to Canada's mortgage insurance business, which CMHC dominates.

The Globe reports Flaherty would like to go even further and get out of the mortgage insurance business entirely.

Also on HuffPost:

Loading Slideshow...
  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>


Loading Slideshow...
  • 10. South Korea - Up 5.8%

  • 9. Norway - Up 6.3%

  • 8. Russia - Up 7.88%

  • 7. Turkey - Up 7.93%

  • 6. Iceland - Up 8.82%

  • 5. Philippines - Up 10.68%

  • 4. Austria - Up 11.04%

  • 3. Estonia - Up 13.9%

  • 2. Brazil (Sao Paulo) - Up 25.54%

  • 1. India (Delhi) - Up 33.33%

FOLLOW HUFFPOST CANADA BUSINESS

TORONTO — The Globe and Mail reports that Finance Minister Jim Flaherty would like to privatize Canada Mortgage and Housing Corp. within five to 10 years. The Globe's story is based on remarks Fl...
TORONTO — The Globe and Mail reports that Finance Minister Jim Flaherty would like to privatize Canada Mortgage and Housing Corp. within five to 10 years. The Globe's story is based on remarks Fl...
Filed by Jacqueline Delange  | 
 
 
  • Comments
  • 83
  • Pending Comments
  • 0
  • View FAQ
Post Comment Preview Comment
To reply to a Comment: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to.
View All
Favorites
Recency  | 
Popularity
Page: 1 2 3  Next ›  Last »  (3 total)
12:41 AM on 10/24/2012
CMHC is still needed in Canada simply to keep the Banks in line---without CMHC the banks will run amok----there will simply be no fear that the potential customer at the bank may find a way to 'qualify' for CMHC
photo
HUFFPOST SUPER USER
Trashcan Man
Luck does not reduce risk even when it seems to.
09:03 PM on 10/23/2012
CMHC would never be without its government sponsor. Even the big 5 banks are government regulated and secured. They still need the tax payer to support them. The CMHC would only be private as long as it's a money generating machine for a few major shareholders (the banks perhaps?) until they screw it up and head to the tax payer for a bailout.
Eventually the government, which is really you and I, would borrow to bail out the to big to fail industry from the very people who we sold it to. Once again it's a no risk venture for the banks and cons will have secured nice cushy jobs when they get out of electoral politics.
This user has chosen to opt out of the Badges program
uneeda
Make Peace in Our Time
08:40 PM on 10/23/2012
that's a longshot
photo
HUFFPOST SUPER USER
AuntiFascist
Heave Steve and the Thieves
07:02 PM on 10/23/2012
Will it be another 'sole sourced deal?
06:52 PM on 10/23/2012
Next up the conservative government moves to privatize the government .
HUFFPOST SUPER USER
drachold
08:23 AM on 10/23/2012
conservatives sell government properties to their backers under the guise of benefitting the taxpayer
photo
HUFFPOST SUPER USER
Alain Chicoine
Le dogme est l'expression de la bêtise.
09:41 PM on 10/22/2012
An other joke of the day. Harper is encouraging municipality to use PPP contract.

And to be honest PPP bring so much corruption and collusion that i got more that my fill of the concept.
photo
HUFFPOST SUPER USER
Leader Newworldparty
09:32 PM on 10/22/2012
The CMHC helped massively manipulate and fuel this Housing Bubble and insured way too many huge, risky mortgages:

http://www.newworldparty.org/2011/04/housing-most-manipulated-market-in.html

Flaherty knows that if the Housing Bubble collapses, CMHC can lose a ton of money, just like the way Fannie Mae and Freddie Mac lost a ton and needed huge bail outs. He's thinking of unloading the problem to somebody else before this happens.
07:12 PM on 10/22/2012
This is purely mean and stupid.........hopefully the Conservatives will be OUT of office before they can do this. What's next? Follow the Tea Party in the US and privatize CPP/get rid of Healthcare in Canada. HARPER OUT. Let's hope he loses the now 4 bi-election seats. Send a message!
04:05 PM on 10/22/2012
Was not the CHMC created to help Canadians get a mortgage who otherwise (because of the big bad banks) could not afford one? It is a(nother) Canadian gov't agency created to fill in the shortfall caused by business's reluctance to deal fairly with post-war Canadian citizens.

http://www.cmhc-schl.gc.ca/en/index.cfm

Perhaps CHMC has exceeded its mandate and needs to be re-tooled, but leaving the mortgage/housing market to the banks may not be the best idea - considering how freakin' greedy they are!

Just what the new home-owner needs: higher interest rates, shorter terms and bigger down payments. Boy oh boy, the CONS sure hate to see gov't help anybody! Why are they so mean?
03:32 PM on 10/22/2012
ya know they really need to lose every bi-election to get the hint....

so alberta do you want to eat ecoli infested meat ?VOTE accordingly
photo
NTodd
Aude Sapere
03:32 PM on 10/22/2012
Harpers' Americaphilia has gotten out of hand. They have a bloated military, so we have to have a bloated military. They have bogus "Right to Work" legislation, so we have to have bogus "Right to Work" legislation. They had a mortgage finance crisis, so now we have to have a mortgage finance crisis. It's "keeping up with the Jonses" on an international scale, and it's just as stupid.
photo
HUFFPOST SUPER USER
mravka
The world has gone completely mad.
02:24 PM on 10/22/2012
Wow this country is going to be a clusterf@#$% of epic proportions by the time the CONS are done. I'm starting to think Quebec should just become its own nation-state after all.
02:36 PM on 10/22/2012
Yes, it should.

We'd probably all get along much better.
photo
HUFFPOST SUPER USER
mravka
The world has gone completely mad.
02:40 PM on 10/22/2012
Good luck cleaning up that mess, you're going to need it.
photo
CarlyQ
Without followers, evil cannot spread.
02:44 PM on 10/22/2012
And the rest of us should move there - it will be utopia compared to what's in store for the rest of Canada, thanks to the current governments financial wizardry.
yer
Stop the Alberta Taliban
02:22 PM on 10/22/2012
The next election should be a coalition against the CPC. We can no longer suffer a vote split if all things Canadian are for sale and to be annexed when the majority of the country didn't vote for it.

NDP and Liberals have to think bigger than their egos if this is to end. Make it a temporary coalition just to kick Harpergeddon out of office then restore the country's laws and traditions. We can't be scared by the 24% of the fringe who have done this. That'll take a while since it will be after multiple omnibus bills. After all that reset, then the parties can go back to sniping.

Responsibility must trump ego, but unless it happens I fear for my country's future
photo
HUFFPOST SUPER USER
mravka
The world has gone completely mad.
02:27 PM on 10/22/2012
Hear, hear!
07:53 PM on 10/23/2012
Better have a chat with Justin then.
HUFFPOST SUPER USER
Johnny LaRue
political correctness is just incorrect
02:19 PM on 10/22/2012
Fanny and Freddy Mae north. If Flaherty suggested it then it cannot be good.