Houses may not be a good investment says CMHC chief

The chief executive of the Canada Mortgage and Housing Corporation said that he is not convinced that current conditions favour buying a home.

In an interview with the Globe and Mail, Evan Siddall was asked if he considered houses a good financial investment. “You know, I’m not sure they are now in Canada,” he replies. “I’ve never made a lot of money in the housing market, strangely enough, even though my generation has.”

The CMHC chief, who rents a home Collingwood, ON, also told journalist Tamsin McMahon that he doesn’t want to be the first chief of the agency who “experiences losses.”

Siddall also spoke of concern over the issues of money laundering and foreign investment, one of his key focuses currently.

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