Pierre Poilievre blaming Trudeau for real estate inflation. Wrong. That

[Fiendish Thingy]

3. It's the government (CHMC) insuring mortgages

If lenders were required to take on 100% of the risk, millions of buyers wouldn’t qualify for mortgages at current prices, and sellers would have to accept lower prices, or the market would freeze (it wouldn’t , because all those empty condos owned by Canadian speculators would be sold, or seized by the lenders and sold, at rock bottom prices)

Foreign speculation only accounts for 5-7% of the market, at least in the Vancouver area, so isn’t having much direct effect on prices in say, Chilliwack or Nanaimo. The public’s acceptance of the mythology surrounding foreign buyers is definitely affecting the market psychology , stirring FOMO, bidding wars and irrational decisions.

Trudeau could create lots of affordable housing just by eliminating the CHMC, but that would certainly piss off his big donors in the FIRE industry.