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Finance committee  Yes, we've thought about loan-to-income. Before I get too far down this path, it's certainly our view that we need to digest the changes that were announced in October, and not to think about the next series of changes. But were the government to ask us about other policies, one

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  We have one of the most admired housing systems in the world—deservedly so—and we've had it for a while. It's our job to make sure we continue that strength. I would say that, in general, we have a healthy market. We just don't want it to be overly healthy. Does that make sense?

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  I don't know exactly what we've recommended, but certainly those policies have gone both ways over time.

February 13th, 2017Committee meeting

Evan Siddall

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  Thank you for the opportunity to clarify what I said. I did not, in fact, say that this was something the government should do. I said it was a policy that we should evaluate for the future. It's not a current concern. As we look at a range of different alternatives for the mar

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  Thank you.

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  No. I suggested it is a factor, not the factor. There is certainly foreign investment in all major international cities, in particular in Toronto and Vancouver in this country. I am more concerned about the future of it than the current state of it. It is certainly a factor, bu

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  First, this question of the balance between access and financial stability is a core concern of CMHC. It sits in our legislative mandate that we're to attend to both. We worry a fair bit about achieving that balance. Go ahead, Michel, if you have it there. Michel Laurence, w

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  Let me just take a step back and first of all refer to the affordability question. It is an important point that you make, namely that the more we support demand, the higher prices will be, all things being equal. If we make it easier for people to buy a home, that will increase

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  Yes, to quality and magnitude. With respect to foreign investment, in fact the data we have suggests that less than 5% of homes in Canada are owned by non-Canadians. I'm not concerned about the status of it now. It's a factor, not the factor. However, the outlook for increased

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  I don't want them to lose their homes, and I don't think—pardon?

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  I understand that, but if we were to support them infinitely, or even more, to buy a home, they could be in a position where they would lose their home through unemployment and too much indebtedness, so that was a concern. We're also supporting the rental market through a progra

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  The Minister of Finance makes policy for the nation as a whole, and it's on that that we advise him. He did not, and we did not in our advice, target Toronto and Vancouver. House prices and indebtedness are up across the country. Again, I would refer to the Bank of Canada's FSR f

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  We certainly took that into account, as we did the price adjustments in Toronto. We were concerned about the future. The past does not predict the future.

February 13th, 2017Committee meeting

Evan Siddall

Finance committee  Steve, do you have the data here? We can respond later if we don't have it with us.

February 13th, 2017Committee meeting

Evan Siddall