The Conservative MP who is hoping to become the party’s leader, says that the corporation is the largest factor in the rise in house prices due to its provision of government-backed mortgage credit.
“That has contributed to what many argue is a housing bubble. This rapid increase in housing prices has made housing unaffordable,” Chong told the Financial Post.
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Michael Chong says that now is the time for the CMHC to be moved into the private sector.