Canada mortgages: CMHC-backed portion shrinks, slowly taking taxpayers off the hook

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Sources:
Canada houseld debt to GDP, Federal Reserve Bank of St Louis
US houseld debt to GDP, Federal Reserve Bank of St Louis
BoC rate
Fed rate

Canada federal policies and housing/debt crisis timeline

Here is a cheatsheet: how selected federal policies have changed and who was at the helm. Updated: March 2021.

Governor of Bank of Canada:
David Dodge February 1, 2001 – January 31, 2008
Mark Carney February 1, 2008 – June 3 2013
Stephen Poloz June 3, 2013 - June 3, 2020
Tiff Macklem June 3, 2020 - now



CMHC President:
Karen Kinsley 2003-2013
Evan Siddal January 1, 2014 - present



Minister of Finance of Canada:
Ralph Goodale December 11, 2003 – February 6, 2006
Jim Flaherty February 6, 2006 – March 18, 2014
Joe Oliver March 19, 2014 – November 4, 2015
Bill Morneau November 4, 2015 - August 18, 2020
Chrystia Freeland August 18, 2020 - now



2004-01 Department of Finance CMHC insurance limit raised The Department of Finance raises the aggregate amount of insurance that CMHC can have outstanding to $300 billion from $250 billion.
2006-01 Department of Finance CMHC insurance limit raised The Department of Finance raises the aggregate amount of insurance that CMHC can have outstanding to $350 billion from $300 billion.
2008-03 Department of Finance CMHC insurance limit raised The Department of Finance raises the aggregate amount of insurance that CMHC can have outstanding to $450 billion from $350 billion.
2009-03 Department of Finance CMHC insurance limit raised The Department of Finance raises the aggregate amount of insurance that CMHC can have outstanding to $600 billion from $450 billion.
2020-12 Department of Finance CMHC insurance limit raised The Department of Finance raises the aggregate amount of insurance that CMHC can have outstanding to $750 billion from $600 billion.

2006-06 CMHC Expansion of inured mortgages The CMHC announces mortgages with amortizations of up to 30 and 35 years can be insured, as well as interest-only mortgages (for the first 10 years of the mortgage).
2006-11 CMHC Expansion of inured mortgages The CHMC announces mortgages with amortizations up to 40 years can be insured, as well as zero-down payment mortgages.
2008-07 Department of Finance Amortization reduction The maximum amortization period is shortened from 40 years to 35 years.
2011-01 Department of Finance Amortization reduction The maximum amortization period is shortened to 30 years from 35 years on insured mortgages.
2012-01 OSFI Amortization reduction The maximum amortization period is shortened to 25 years from 30 years on insured mortgages.

2010-02 Department of Finance Reduction of insured refinancing The maximum amount for insured refinances is reduced to 90% from 95%.
2011-01 Department of Finance Reduction of insured refinancing The maximum amount for insured refinances is reduced to 85% from 90%.
2012-06 OSFI Reduction of insured refinancing The maximum amount for insured refinances is reduced to 80% from 85%.



Sources:
History of Mortgage Rule Changes in Canada, RateSpy.com
Canada houseld debt to GDP, Federal Reserve Bank of St Louis
Teranet Housing Price Index