Reading Between Lines of CMHC's 2023 Annual Report

If this report is a top-view perspective on the Canadian landscape, then we Canadians require a different set of binoculars. Take the Chair's perspective on CMHC's progress:

We require solutions about the housing crisis, not its avoidance. Politicians, be advised. How about we define the problem by focusing on staggering immigration numbers, lack of availability of private sector jobs (as opposed to public sector jobs), high mortgage costs, and rental prices that do not seem to figure on any charts? But no, "a learning experience" is what we need.

More like housing unaffordability lead the news. To those who are fortunate enough to be able to service their mortgages and cover their rental costs, we applaud you. Good job on planning and making the most of your resources. Keep going!

To those forced by conditions to cut down on discretionary expenses, who have learned to pivot and now cook their own meals, take the TTC instead, drive smaller cars, or who have moved from big cities altogether... we salute you for not having left the country yet. Maybe consider it if it makes sense for you.

The truth of the matter is we Canadians do not produce as much as we used to. Our GDP numbers are off-putting and soon enough we will all be off pudding, for it costs more than we are willing to pay for it.

What most of us can afford has drastically changed and Canada no longer resembles the paradise previous generations have enjoyed. Also, would the higher exports numbers specifically include stolen cars and other goods stolen from people's homes? Those have also been a "learning" experience for us.

Numbers speak volumes and $1.82 in credit market debt per each $1 spent is absurd. The one thing we have learned in 2023 is how to live on credit. Of course, those spending more credit than cash are non-mortgage holders. Can you guess why?

They spend most of their income on simply covering rent and transportation and so, if the main source of income requires extra resposibility, then what? Many of us cannot afford basic necessities and shortages in food banks prove this. Aggressive traffic also proves it. Road closures only make it worse.

Let us disregard good debt which assists a borrower in building their credit and increasing their net worth, for that is for select members of society. Let us instead consider bad debt, the type that translates to late payments slowly rising until consumer proposals, bankruptcy, and welfare become viable options:

The curious part of it though is that borrowers who have mortgages still hold on to our homes and investment properties because we have learned to accept the fluctuations in the market. How much has our quality of life improved, really? My guess is that it has not and quite the opposite, it has drastically declined in the past few years.

Now, living in the big city has become increasingly difficult. Good luck finding a decent room to rent under $1,000 per month, not to mention a bachelor unit above ground for under $1,500. You would not be renting in a central area either. These numbers are fictitious in regards to the GTA/GVA:

What is more questionable is the push for government-assisted living via wordy programs covered through acronyms that give CMHC the appearance of a trend-setter in the Canadian economy. These programs only assist builders and purchasers of multi-unit properties benefit from them in the form of a hefty return. Nothing wrong with that as long as it is fair, but is it? To whom?

Newsflash: when you meet needs for those who barely struggle to get by, you are not assisting to improve livelihoods, you are only enabling self-victimization and low-status living. This is not what Canada is about now, it it? We are in the midst of a massive shift of societal values that will only lead to tougher conditions to get ahead without financial backing. Who you know has never been as important as it is today.

The above challenges all paint a grim canvas of the current state of housing and economic affairs in Canada. The main need of Canada is a reevaluation of government policies and societal values to address the root causes of the housing crisis and restore opportunities for all Canadians to thrive, not just those brainwashed to think this too shall pass and keep going until they burn out.

Without meaningful action, the future may hold even greater hardships for those struggling to afford basic necessities and maintain their quality of life. This is a call for proactive measures, collaboration, and a return to foundational principles that prioritize equitable access to housing and economic stability for all citizens.