Tuesday 28 February 2012

美国各大城市房市继续下跌

city -by-city breakdown of latest Case-shiller data

Las Vegas: Prices down 8.8%, and 61% below peak.
Los Angeles: Prices down 5.2%, and 41% below peak.
Miami: Prices down 3.8%, and 51% below peak.
New York: Prices down 2.9%, and 24% below peak.
Phoenix: Prices down 1.2%, and 55% below peak.
Portland: Prices down 4%, and 29% below peak.
San Francisco: Prices down 5.4%, and 41% below peak.
Seattle: Prices down 5.6%, and 32% below peak.

2月底销售数据

2月1-28 (2012) 大温地区 住宅单位
售出单位: 2451
新上市单位: 5345
售出/新上市 比例: 46%


****************************
2月1-28 (2011) 大温地区 住宅单位
售出单位: 3140
新上市单位: 5648
售出/新上市 比例: 56%


更正:今年闰年,比去年多一天
目前看来,成交量较去年同期减少19-20%, 为10年来第2-3低。
新上市量较去年同期减少4-5%, 为10年来第二高。
成交/新上市 比例较去年降低9-10%,为10年来第二低


GF预测三,四月 成交/新上市 比例将持续低于往年,甚至创造史上新低。
我们有望在三月下旬见到十年来最高的春季总房源

__________________________________
历年来2月大温地区官方销售记录:
年份: 成交量 /新上市量 / 比例
2002 3008 4035 74.5%
2003 2760 3621 76.2%
2004 3066 3944 77.7%
2005 3068 4115 74.6%
2006 2941 4340 67.8%
2007 2859 4167 68.6%
2008 2676 5260 50.9%
2009 1480 3916 37.8%
2010 2473 4606 53.7%
2011 3097 5693 54.4%
2012 2540 5460 46% <-预测

2月27日 Update

2012 - 2月27日大温地区
新上市: 294
售出: 107

去年同期:

新上市: 242
售出: 142

明日大傻将发表月底数据
预告: 
总房源大涨超过20% 
成交量大跌超过20%

Thursday 23 February 2012

央行锁定 房屋净值抵押贷款 (HELOC)

央行总裁 Mark Carney 锁定 HELOC, 再次警告民众不要继续"买最大,最贵的房子"

大傻认为,3月份财长Flaherty 将实施至少一项打房政策。
大傻在此,以可能性大小排名,列出最可能实施的政策:

可能性最大
1. 再次缩短最长偿还期,从30年降至25年
2. 再次减少Re-finance 时可借的数量,从85%降至80% (借此控制HELOC贷款量)
3. 要求银行提高自身的资本要求,提高流动资金,及减低杠杆比率 (这可能部分已经暗中实施)
4. 升高最低首付,从5% 增至7.5% 或 10%
5. 调高CMHC房贷保险的保费
6. 设置CMHC政府担保房贷的上限,譬如高过$800k 的房屋,政府不提供CMHC保险 (转由银行自行承担)
7. 强迫银行承担一部分贷款风险 (譬如令银行承担5%的房贷损失,而CMHC承担95% ) 
可能性最小

Central bank targets home-equity credit lines
OTTAWA— From Friday's Globe and Mail

The steady climb in housing prices over the past decade has made it easier for Canadians to borrow against the value of their homes, leaving many families vulnerable to “a significant shock” if prices were to snap back, the Bank of Canada is warning.
Governor Mark Carney and his policy team have long pointed to record levels of household debt as the chief domestic risk to the financial system and the wider economy, urging borrowers to resist the lure of ultra-low mortgages unless they can afford them once rates inch up.
In a series of research papers published Thursday, the central bank shows much of the growth in debt has come from a surge in home-equity lines of credit, which allow homeowners to finance renovations and other spending at reasonable rates. While this may be a predictable result of a long stretch of low borrowing costs, the central bank warned that it means a swift reversal in home prices could have a “relatively large impact” on consumer spending.
In one paper, the central bank says loans backed by homes made up almost 50 per cent of all consumer credit last year, compared with 11 per cent in 1995. 
Finance Minister Jim Flaherty, meanwhile, said on Thursday in Toronto that authorities are keeping an eye on the hot condominium market in some cities, and urged borrowers to resist buying “the most expensive house they can possibly buy.” 

"加拿大房市泡沫必破" - 主流新闻逐渐公开讨论 (Globe and Mail)

Canada's housing bubble: This time is not different


Canada’s high house prices in relation to incomes, combined with record household debt levels and overinvestment in residential construction, combined with a slowdown in demand, will cause a severe correction in the real estate market. This time it is not different. It never is.


http://www.theglobeandmail.com/globe-investor/investment-ideas/george-athanassakos/canadas-housing-bubble-this-time-is-not-different/article2347630/

Wednesday 22 February 2012

BC省2012年首次购新房者减税额 - 官方文件

官方文件: BC First-Time New Home Buyers' Bonus PDF

2/21 大温地区 Update

2月1-21日 (2012) 大温地区 住宅单位
售出单位: 1810
新上市单位: 4076
售出/新上市 比例: 44%


****************************
2月1-21日 (2011) 大温地区 住宅单位
售出单位: 2276
新上市单位: 4276
售出/新上市 比例: 53%

目前看来,成交量较去年同期减少20%
新上市量较去年减少5%
成交/新上市 比例较去年降低9%


__________________________________
历年来2月大温地区官方销售记录:
年份: 成交量 /新上市量 / 比例
2002 3008 4035 74.5%
2003 2760 3621 76.2%
2004 3066 3944 77.7%
2005 3068 4115 74.6%
2006 2941 4340 67.8%
2007 2859 4167 68.6%
2008 2676 5260 50.9%
2009 1480 3916 37.8%
2010 2473 4606 53.7%
2011 3097 5693 54.4%
2012 2510 5400 46.5% <- 预测


换句话说,历年的2月, 通常可以见到每新上市10个房,就有5-7个售出

BC省2012年首次购新房者减税额

In today's BC budget, a new home tax credit was introduced, while cutting education/healthcare, and increasing MSP premium.

"BC省2012年首次购新房者减税额10000元
条件是第一次
1.在2012年2月21日到2013年2月21日购买或承建建BC省内的新房;
2.夫妻从未拥有过主要居所;
3.2011年在BC省报过税或者2012年会报税(不适用于2013年才搬到BC省的人士);
4.享受了HST的减免;
5.新房会作为主要居所;

个人购买的话,如果净收入15万以上,15以上的部分的20%作为1万元减税额的减相。个人收入到20万时,奖励为0.

家庭购买的话,如果净收入15万以上,15以上的部分的10%作为1万元减税额的减相。家庭收入为25万时,奖励为0."
Assuming we can trust that realtor's information source.

forum.iask.ca/showthre...p?t=541630


www.theglobeandmail.co...le2345365/
 

Sunday 19 February 2012

美国小城小镇的报纸都开始报导加拿大房市泡沫危机

1.Bangor, Maine
人口: 3万5千
Risk of Canadian housing bubble seen growing
2/14/2012
bangordailynews.com/20...n-growing/

2. Fort Wayne, Indiana
人口: 25万
Bubble fears up in Canada
Condo market’s surging growth worries bankers
2/19/2012
www.journalgazette.net...6/1031/BIZ

论坛网友观点评析

GF来讨论3点 gordondeng (Iask.ca 论坛) questionable的逻辑及观点

1. "市场上的购房者并没有减少,反而增加了"
- 数据 please
- 据上个月官方数据,今年1月大温地区成交量比去年下降13.3%, 比2010年下降18%, 是十年来第二低
- gordon所住的Richmond 独立屋成交量/率今年为大温个各区表现最差:

引用:
Richmond 独立屋 - 成交量大跌45%; 新上市量大增45%
2012-1月: 成交 89 / 新上市 470 = 比例 19%
2011-1月: 成交 162 / 新上市 325 = 比例 50%
- 2月至今,大温地区成交量比去年同期下跌 20%。


2. "大多的公寓价格也将领涨" 
- 各大政府及金融机构包括Bloomberg 在这2,3月来陆续公开指出大温,大多公寓是极泡沫化,极高风险的物业。The Economist 同样报导。
- 加拿大财长,央行行长公开表明将监控大多大温公寓房市, 若继续过热已准备好提出缩紧房贷等新政。
- 今日著名权威投资网站Seeking Alpha才发表关于大温,大多公寓over-supply 问题 及加国房市泡沫的分析。(Seeking Alpha 有每月5百万世界各地的读者。近50%的美国金融专业人士阅读它们的财经分析)

3. "欧元区解体,那时候资金将会潮水般涌进北美,欧元解体对美国来说是个天大的好事"
- 认为欧洲经济风暴可能带来的巨大credit crisis 不会大幅负面影响北美, 就如同认为08年美国subprime crisis 不会传播至世界,或是认为大陆房市泡沫破灭及经济不振不会负面影响世界经济 (尤其加拿大经济)。 中国,欧洲为加拿大主要的export 区域, 对加拿大以energy/commodities 为主(不够多元化)的经济将大为不利。而高昂的加币将持续负面影响加国以出口为主的经济。 美国政府目前继续朝向Protectionism, 提倡buy american, 推广利己而不利加拿大的金融新规Volcker Rule。 加拿大经济前景堪忧。

- 加拿大失业率节节攀升。 Ontario 省的credit rating 刚被Moody's 提出降级警告。 上周发表的省预算报告 Drummond Report将大幅缩进公营机构,健保等开销。Ontario finance minister 近日才公开承认 安省将面临多年的低迷经济。
- 加国财长也已警告在3月会发表的联邦预算,将大幅缩减预算,而将造成约5万-6万的公职消失。
Wall street journal 昨日才发表新闻,对加拿大将实施的大幅budget cut 与经济前景感到担忧。

Friday 17 February 2012

Bloomberg头条 : 加拿大房市面临重大跌幅 (2/17)

金融界资讯权威 Bloomberg 今日在头条发表:
加拿大房市面临严重 下跌危机

加拿大房市泡沫现在被摆上世界舞台

Canada Housing Poised for ‘Severe’ Drop

Bloomberg - Feb 17, 2012 3:30 AM PT Fri Feb 17 11:30:00 GMT 2012
Canada may be on the cusp of a “severe” housing correction as real estate investment surges above a tipping point relative to economic output, according to George Athanassakos, professor of finance at the Richard Ivey School of Business.

The CHART OF THE DAY shows Canada’s housing investment as a percentage of gross domestic product, and the declines in inflation-adjusted house prices that follow when this ratio tops 7 percent.

Eventually, everything boils down to demand and supply,” Athanassakos said in a telephone interview from Western University in London, Ontario. “Whenever this ratio goes over 7 percent, it signifies overinvestment in housing and two or three years later, we have a severe correction.”

Canada’s housing market is booming as historically-low interest rates fuel purchases, driving up home prices and adding to record household debt. Canada’s ratio of housing investment to GDP has averaged 5.8 percent over the last 50 years and is currently at about 7 percent, based on Statistics Canada figures as of the third quarter of 2011, Athanassakos said. Housing investment includes spending on new homes, renovations and real estate transaction fees.

http://www.bloomberg.com/news/2012-02-17/canada-housing-poised-for-severe-drop.html

新美国梦: 租房致富

New American Dream is renting to get rich

Wed Feb 15, 2012 12:05pm EST
(Reuters) - Rich Arzaga owns a luxury home in San Ramon, California, but he's not betting on it as an investment.
The founder and CEO of Cornerstone Wealth Management, who bought the 5,000 sq. ft. property in 2005 for $1.8 million and has spent $500,000 improving it, considers the abode a wonderful place for his family. But ask him to rate his home -- or any home, for that matter -- as a financial investment, and Arzaga balks.
"It's the American Dream to own a home, but whoever said that didn't do the analysis on it," says Arzaga, knowing he's taking a contrarian stance to conventional wisdom.
Examining 250 properties around the U.S., and going through close to 40 client files to project the financial impact of owning real estate versus liquidating it, Arzaga, an adjunct professor inpersonal finance at the University of California at Berkeley, found that, "100 percent of the time it was better to rent, rather than own."
That's right: 100 percent.

So while home ownership may sound glamorous, you need a lot of money to make it work, without much guarantee of positive returns in a post-bubble era. Indeed, Arzaga cites himself as an example of how home ownership doesn't pay off. His residence is today worth $1.5 million, about 17 percent less than what he paid.
So why not sell? For Arzaga, it's a lifestyle choice, and one that he doesn't regret, since his big money-making investments are elsewhere.

Thursday 16 February 2012

Kelowna 区 foreclosure 量比09年初大增10倍

仅仅30天就有60个新foreclosure 上市。
地产经纪担忧大量的foreclosure 单位将影响整个Central Okanagan 区的房市。

加西Remax副总 Elton Ash 认为大部分的foreclosure 是在几年前房市还热的时候出手买房的投资客, 近年来房市冷却,而这半年来跌势加大, 造成投资/炒房者放弃投资。 
GF - 看来Kelowna 已成为地产泡沫破灭的Ground Zero.


Home foreclosures skyrocket in Kelowna


Posted: Feb 15, 2012 8:40 AM PT 


Home foreclosures are on the rise in B.C.'s Central Okanagan in recent months, but local real estate agents disagree about who might be losing their homes.
There are more than 170 court-ordered sale properties on the market in the Central Okanagan, more than 10 times more than three years ago.
Real estate agent Jason Neumann says according to his estimates, in the last 30 days alone 60 new foreclosures were put on the market, and he calls it a disturbing trend.
Neumann is worried the number of foreclosures will bring the overall market down, hurting anyone who wants to sell their home.
Elton Ash, the vice-president of Remax Realty in Western Canada, says most of the foreclosed properties are from people who were trying to flip homes during the hot market a few years back.
"People weren't able to achieve their goals in doing this and so they quit making payments," he said.

"The market in the Okanagan has really come to a standstill on that speculative investment front, and that is really what has been a major portion of the court-ordered sale thing that has increased so dramatically."

http://www.cbc.ca/news/canada/british-columbia/story/2012/02/15/bc-okanagan-home-foreclosures.html

2月中 Update

2月1-15日 (2012) 大温地区 住宅单位
售出单位: 1268
新上市单位: 3010
售出/新上市 比例: 42%


****************************
2月1-15日 (2011) 大温地区 住宅单位
售出单位: 1597
新上市单位: 3142
售出/新上市 比例: 51%

目前看来,成交量较去年同期减少21%
新上市量较去年减少4%
成交/新上市 比例较去年降低9-10%



今日总房源: 14365  - 比去年上升18%
去年同期总房源: 12200

__________________________________
历年来2月大温地区官方销售记录:
年份: 成交量 /新上市量 / 比例
2002 3008 4035 74.5%
2003 2760 3621 76.2%
2004 3066 3944 77.7%
2005 3068 4115 74.6%
2006 2941 4340 67.8%
2007 2859 4167 68.6%
2008 2676 5260 50.9%
2009 1480 3916 37.8%
2010 2473 4606 53.7%
2011 3097 5693 54.4%

换句话说,历年的2月, 通常可以见到每新上市10个房,就有5-7个售出

Monday 13 February 2012

Bloomberg: 多伦多公寓泡沫风险高过纽约

世界知名的金融组织 Bloomberg (彭博) 昨日发表新闻, 说多伦多公寓泡沫风险高过纽约

Toronto Condo Bubble Risk Topping New York
Feb 12, 2012 9:01 PM

多伦多有比任何北美城市多的兴建中的高层公寓建筑。
比纽约多近3倍。

Toronto: 148
New York: 59
Chicago: 22


Toronto has more skyscrapers and high-rises under construction than any North American city -- almost three times as many as New York -- stoking debate on whether the condominium market in Canada’s largest city is headed for a U.S.-style correction as prices rise and household borrowing hits a record. Canadian lenders including Toronto-Dominion Bank last week raised mortgage rates to cool off the housing market.

财长担忧加拿大主要城市房市
Finance Minister Jim Flaherty said that he’s concerned about loosening of standards by some Canadian financial institutions on those types of mortgages, and steps are being taken to “correct” the practice.

银行开始缩紧房贷
Toronto-Dominion Bank (TD) Chief Executive Officer Edmund Clark said in a Feb. 8 interview at Bloomberg’s New York headquarters that banks are tightening lending on loans for condominiums. Toronto-Dominion, Royal Bank of Canada and Canadian Imperial Bank of Commerce scrapped their promotional 2.99 percent mortgage rates last week, less than a month after they were introduced.

温哥华房市更严重
Vancouver’s median home price of C$678,000 in the third quarter was 10.6 times its median pretax household income of C$63,800, making the city the least-affordable housing market after Hong Kong among large English-speaking cities, Demographia said. Toronto’s home price of C$406,400 was 5.5 times household income of C$73,600, a 40 percent deterioration in affordability since 2004.

原文还包括一些由受访问的地产经纪公司提出的 "多伦多房市没泡沫"的理由

原文 http://www.bloomberg.com/news/2012-0...mortgages.html

已开发国家中房价最被高估/低估的为...

The Most Overpriced Housing Markets In The Developed World
Feb 13, 2012

1. Belgium: 高估56%
2. Canada: 高估54%
3. Norway: 高估48%
4. New Zealand: 高估44%
5. France: 高估42%
6. Australia: 高估39%
7. Netherlands: 高估36%
8. UK: 高估34%
9. Spain: 高估33%
10. Sweden: 高估25%
11. Finland: 高估22%
12. Denmark: 高估17%
13. Italy: 高估10%
14. Greece: 0%
15. Ireland: 低估2%
16. Switzerland: 低估8%
17. USA: 低估9%
18. Korea: 低估14%
19. Germany: 低估26%
20. Japan: 低估37%

"We ranked the countries by the average over- / under-valuation of home prices relative to rent and income."

www.businessinsider.co...012-2?op=1

Friday 10 February 2012

2月1-9日 Update

2月1-9日 (2012) 大温地区 住宅单位
售出单位: 782
新上市单位: 1927
售出/新上市 比例: 40.6%


****************************
2月1-9日 (2011) 大温地区 住宅单位
售出单位: 1044
新上市单位: 1966
售出/新上市 比例: 53.1%

目前看来,成交量较去年同期减少25%
新上市量较去年减少1-2%
成交/新上市 比例较去年降低12-13%

__________________________________
历年来2月大温地区官方销售记录:
年份: 成交量 /新上市量 / 比例
20023008403574.5%
20032760362176.2%
20043066394477.7%
20053068411574.6%
20062941434067.8%
20072859416768.6%
20082676526050.9%
20091480391637.8%
20102473460653.7%
20113097569354.4%

换句话说,历年的2月, 通常可以见到每新上市10个房,就有5-7个售出

Wednesday 8 February 2012

2月初大温地区销售数据

2月1-8日 (2012) 大温地区 住宅单位
售出单位: 695
新上市单位: 1676
售出/新上市 比例: 41.5%

****************************
2月1-8日 (2011) 大温地区 住宅单位
售出单位: 840
新上市单位: 1640
售出/新上市 比例: 51.2%

目前看来,成交量较去年同期减少17-18%
新上市量较去年增加2-3%
成交/新上市 比例较去年降低10-11%

__________________________________
历年来2月大温地区官方销售记录:
年份: 成交量 /新上市量 / 比例
2002 3008 4035 74.5%
2003 2760 3621 76.2%
2004 3066 3944 77.7%
2005 3068 4115 74.6%
2006 2941 4340 67.8%
2007 2859 4167 68.6%
2008 2676 5260 50.9%
2009 1480 3916 37.8%
2010 2473 4606 53.7%
2011 3097 5693 54.4%

换句话说,历年的2月, 通常可以见到每新上市10个房,就有5-7个售出

度假中 - 1月官方 成交/上市比 分区Update

GF 度假中 - 1月各区 成交/上市量 概览

GF 追踪的区域及房型中, 表现最差 的为:

#1  Richmond 独立屋 - 成交量大跌45%; 新上市量大增45%
2012-1月: 成交 89 / 新上市 470 = 比例 19%
2011-1月: 成交 162 / 新上市 325 = 比例 50%

#2  温哥华西区 独立屋 - 成交量大跌36%; 新上市量大增60%
2012-1月: 成交 86 / 新上市 476 = 比例 18%
2011-1月: 成交 134 / 新上市 297 = 比例 45%

#3  Richmond 公寓 - 成交量大跌42%; 新上市量大增40%
2012-1月: 成交 72 / 新上市 348 = 比例 21%
2011-1月: 成交 124 / 新上市 248 = 比例 50%

#4  Burnaby 独立屋 - 成交量下跌22%; 新上市量大增46%
2012-1月: 成交 59 / 新上市 181 = 比例 33%
2011-1月: 成交 76 / 新上市 124 = 比例 61%

#5  Burnaby 公寓 - 成交量大跌40%; 新上市量增加20%
2012-1月: 成交 67 / 新上市 307 = 比例 22%
2011-1月: 成交 111 / 新上市 256 = 比例 43%


GF 追踪的区域及房型中, 表现较好 (较不差) 的为:

#1  Coquitlam 公寓
2012-1月: 成交 49 / 新上市 135 = 比例 36%
2011-1月: 成交 39 / 新上市 122 = 比例 32%

#2  Coquitlam 独立屋
2012-1月: 成交 74 / 新上市 171 = 比例 43%
2011-1月: 成交 65 / 新上市 161 = 比例 40%

#3  Vancouver East 公寓
2012-1月: 成交 68 / 新上市 175 = 比例 39%
2011-1月: 成交 74 / 新上市 173 = 比例 43%




*GF 目前没有追踪: 西温,北温,温西公寓,各区非独立屋。

Monday 6 February 2012

大傻 1月底预测准确度

来看看GF预测的准确度

1月1-31日 (2012) 大温地区 住宅单位
售出单位: 1590 -> 官方 1577
新上市单位: 5762 -> 官方 5756
售出/新上市 比例: 27.6% -> 官方 27.4%



看来今年1月成交量比去年下降13.3%, 比2010年下降18%, 是十年来第二低
新上市量比去年1月上升20%, 是十年来最高

[售出/新上市]比例比去年下跌11%

而目前总房源则 12544 比2011-1月底 (10438) 大增20.2%

大温房市继续处于买方市场。

预计大温房地产协会在2-3天会发表的1月数据,会说以下几句话
1. Buyers have more choice. "买方选择变多" (译: 房源大增<- 准确
2. Buyers have more time. "买方有更多时间挑选" (译: 买方市场, 房比以往难卖<- 准确
3. Sellers have to price appropriately. "卖方需要谨慎定价" (译: 卖方不要对自己房价期望过高<- 官方说法是 "价位趋向平衡"
4. Good time to buy because of low rates. "现在利率低,是买房好时机" (译: 对地产经纪来说,随时都是买房的好时机)

2012-1月数据

2012-1 大温房市官方数据 Jan REBGV Stats (PDF)

注意,大温地产局 (连同加拿大各大城市地产局)已在一月底更改 HPI 计算方式
所以现在的 HPI 指数已不能与以往数据相比

Friday 3 February 2012

加国财长 Flaherty 对银行过度宽松的房贷政策感到担忧

Flaherty: "现在正在着手处理这个问题"


- 大傻继续认为,Flaherty 现在有更大几率在今年3月底前发表第四轮缩紧房贷政策。
几率: 80%

引用:
Flaherty concerned by mortgage lending
CBC News Posted: Feb 2, 2012 3:56 PM

Finance Minister Jim Flaherty said he shares the concern of Canada's top banking regulator that lenders are loosening their mortgage standards too much, but said any problems in the system are being corrected.

On Tuesday, Bloomberg released documents obtained through freedom of information requests that showed the Office of the Superintendent of Financial Institutions (OFSI) has some fears that loosening mortgage standards poses an "emerging risk" to Canada's economy.


"OSFI's concern arises out of some work that OSFI has done as part of the ordinary course of its business to look at some of the loans being made by financial institutions," he said. "I was informed of what their assessment showed with respect to a few financial institutions, which is a matter of concern."

"That is being corrected," Flaherty said.

Subprime mortgages

The reaction from the finance minister came at the end of a busy week in which multiple stories cast some doubt on the sustainability of Canada's booming housing market.

On Tuesday, it emerged that the Canada Mortgage and Housing Corporation has committed to back $541 billion in mortgages within striking distance of the agency's $600-billion limit.

Mortgage-backed securities

Part of the reason the CMHC is running out of wiggle room is that in recent years, Canada's big banks have moved en masse to purchase CMHC insurance for their mortgages even where the borrowers have more than 20 per cent in equity.

"CMHC has recently received an unexpected level of requests for large amounts of CMHC portfolio insurance," CMHC spokesman Charles Sauriol told CBC News this week. That's giving lenders "the ability to purchase insurance on pools of previously uninsured low ratio mortgages," he said.

They're doing that so that they can turn debt in the form of mortgages into assets on their own balance sheet through a process known as securitization. These new securitized mortgages can then be sold to other investors.

The sale of such mortgage-backed securities was prevalent in the lead-up to America's housing crisis in 2007, but it's a practice that has been rare in Canada to this point.

http://www.cbc.ca/news/business/stor...gage-cmhc.html