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The CMHC sees house prices in Canada falling between 9 per cent and 18 per cent over the next 12 months. Evan Siddall, CEO of the Canada Mortgage and Housing Corp relayed this fact to the members of the House of Commons finance committee today. The CMHC predicts that the ratio of household debt to disposable income will rise to well over 200%.
“The resulting combination of higher mortgage debt, declining house prices and increased unemployment is cause for concern for Canada’s long term financial stability.”
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