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CMHC announced today that they have purchased $5 billion of a promised $25 billion of mortgages.  This is wonderful news.  Couple this with the government guaranteeing interbank lending and we will see considerable declines in rates for mortgage consumers.  Couple this with drops in real estate values in Calgary, makes now a great time to buy a home. One thing to be sure, CMHC DID NOT buy bad assets.  These were good assets, to be sure the Canadian mortgage market really does not have “bad” assets.  Are current defaults and foreclosures are still well below historical averages.Keep in mind the sub-prime mortgage market in Canada was around 5% of the total market, compared to 20% dow south.  

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