27 Apr 2012

Canadian federal government to oversee Canada Mortgage and Housing Corp

The federal government of Canada has moved to control the hot real estate market through new legislation that would give the Office of the Superintendent of Financial Institutions oversight of the Canada Mortgage and Housing Corp (CMHC).

CMHC provides mortgage insurance on high-risk borrowers taking out home loans, according to The Toronto Star. With prices high for Canadian homes right now and interest rates at record lows, the risk of defaults is high for many taking out loans. With the federal government controlling CMHC, the country can monitor the situation and ensure that insurance is being given only on the loans that really need it.

Since the insurance is backed by the government, taxpayers could ultimately be shouldering the burden if a wave of defaults hits the country. The move of direct control over CMHC is aimed to prevent that from happening.

With the Canadian real estate market hot right now, many residents are moving into new houses. One way to ease the pain of moving day is to rent at a storage facility in Toronto. This allows homebuyers more space to keep their stuff until they can find a place for it in their new home.

Jiffy Self Storage, a leader in Toronto storage solutions, is currently running a contest on their website for a free iPad 3. Visitors to the site simply need to match a few Canadian landmarks and they'll be entered to win the iPad or one of several other prizes.

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