Wednesday, May 1, 2019

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

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