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How Stephen Harper’s mortgage rules helped fuel Canada’s high household debt today.

In 2006, the Harper government directed the Canada Mortgage and Housing Corporation (CMHC) to loosen mortgage insurance rules - longer amortizations and zero down payments. That gave buyers a short-term boost 📈

But it also entrenched higher leverage and pushed prices up, pressures that still weigh on Canadian households today 💸🏠

Let’s dive into the full story 👇

#CdnPoli #HousingCrisis #MortgageDebt #CMHC

🧵 - 2/6

What rules changed?

• max amortization extended: 25 years → 40 years ⏳
• down payment minimum dropped to 0% (100% mortgage financing) 💯
• CMHC opened the market to private insurers and doubled the amount of government mortgage guarantees 🏦

Goal: make homes “more affordable” for first-time buyers 🏠

#CdnPoli #HousingCrisis #MortgageDebt #CMHC

🧵 - 3/6

Short-term impacts of Harper's mortgage rules (2006–2008):

- First-time buyers surged (microsimulations show up to +135%)
- Home sales & prices rose sharply (national prices jumped ~18% in 2 years)
- Mortgage sizes grew faster than incomes

Buyers qualified for bigger loans… but average payment-to-income ratios kept increasing because house prices were rising too.

#CdnPoli #HousingCrisis #MortgageDebt #CMHC

🧵 - 4/6

Harper's housing policies encouraged and rewarded higher leverage. The effect this had on household debt:

 - household debt-to-income ratio soared higher
- mortgages grew larger with longer amortization periods
- 0% down payments increased buyer participation

The result for households: more debt locked in for longer, while income stayed stagnant.

#CdnPoli #HousingCrisis #MortgageDebt #CMHC

🧵 - 5/6

Harper quickly reversed course when he became aware of the risks:

2008:
- decreased the amortization period from 40 years → 35 years
- increased the minimum down payment required from 0% → 5%

2010–2012:
- further tightened the amortization period to 25 years
- added stricter Loan to Value (mortgage amount/appraised value) and stress tests

2012–2015:
- an additional four rounds of tightening mortgage rules helped slow debt growth and improved borrower quality

But the damage had been done. By the time Harper became aware of his mess, his initial loosening of the mortgage rules had already inflated the price of houses and increased the debt floor of Canadian households.

Hundreds of thousands of mortgages (remember 40 year amortization) are still guaranteed, and they will eventually be renewed at higher rates and stricter terms.

Much of the pain felt today by Canadian household debt, was a result of Harper's reckless housing policies and it's not over yet.

#CdnPoli #HousingCrisis #MortgageDebt #CMHC

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Long-term legacy:

Canada’s household debt-to-disposable-income ratio still sits around ~175% (among the highest in the G7).
Home prices and mortgage balances elevated during the mid-2000s boom are still baked in.

Lesson: temporary credit easing can leave lasting effects on leverage and financial stability.

What do you think: good short-term policy, or a long-term mistake? 🤔🏠📈

#CdnPoli #HousingCrisis #MortgageDebt #CMHC 

You can read the unrolled version of this thread here: https://typefully.com/PaxCanLib02/BFGtswZ

Harper's Mortgage Impact on Debt

🧵 1/5

Did you know Canada is a quiet engine fueling the U.S. economy? From uranium that powers the U.S. nuclear fleet, to aluminum that keeps manufacturers running, to potash that helps stock the fridge.

Canada’s exports to the U.S. are far more crucial than most realize. Let’s dive into the surprising data on America’s (former) ultimate trade partner. 👇🇨🇦🇺🇸

🧵 2/5

The U.S. commercial nuclear fleet has 96 operating reactors across 28 states, generating nearly 18% of America’s electricity.

The catch? The fleet is reliant on foreign fuel, with Canada as the primary supplier.

Much of that fuel comes from Northern Saskatchewan’s Athabasca Basin - home to uranium deposits ~100x denser than the global average. 🇺🇸🇨🇦⚛️

🧵 3/5

Without fertilizer, agricultural yields drop fast.

Canada holds the world’s largest potash reserves, estimated at 1.1 billion metric tonnes.

Because the U.S. has limited domestic supply, it sources 85% of its potash imports from Canada to keep American crop belts productive, curb food inflation, and help prevent farmer bankruptcies. 🇨🇦🇺🇸🌾

🧵 4/5

Primary aluminum production is often referred to as “congealed electricity.”

Smelting 1 metric ton of metal demands an immense 15,000 kWh of energy. Canada leverages its vast hydro-power infrastructure to generate this energy cleanly and cost-effectively.

As a result, Canada delivers 2.7 million metric tons to the U.S. every year—securing over 50% of total American consumption for auto, defense, and power grid infrastructure.

🧵 5/5

The U.S. economy cannot easily sever ties with Canada. Cross-border pipelines don't just carry oil - they secure America's critical infrastructure:

- Nuclear Energy: 36% of fuel supplied via Saskatchewan.
- Agriculture: 85% of potash imports secure crop yields.
- Manufacturing: 50%+ of primary aluminum backed by Canadian hydro-power.

Want more data-driven insights into global trade and infrastructure?

🔔 Follow [@PaxCanLib02] and turn on notifications.
💬 Drop a comment below: Which dependency surprises you the most?
🔄 Retweet the first post to share this thread with your network!

You can read the unrolled version of this thread here: https://typefully.com/PaxCanLib02/OVWU5E0

Canada: U.S. Economic Backbone

The image below is a historical wet-plate glass negative photograph taken by Union Army official photographer George N. Barnard in November 1864. It depicts Union General William Tecumseh Sherman on his horse at Federal Fort No. 7 in Atlanta, at the beginning of the Savannah Campaign and his infamous “March to the Sea.”

Remarkably, the photo also captures a Grumman FA-14 Tomcat—used in support of the Union’s advance. Those observant may notice an historically inaccurate photoshopped item in the picture. Yes, it is common knowledge that the 6 pound, 1841 artillery piece seen here was obsolete by the time of the US Civil War.

Things are not always as they appear. Question everything!

Image courtesy of: Ye Olde Grumman Iron Works

Sherman’s March to the Sea

 🧵 1/6

How did Canada end up with some of the highest household debt levels in the G7?

A major part of the story traces back to Stephen Harper’s Conservative government and its 2007–2009 housing policies.

Back in 2009, the Canadian Centre for Policy Alternatives warned that Harper had turned the Canada Mortgage and Housing Corporation (CMHC) into the world’s largest sub-prime lender — a “ticking time bomb” for taxpayers and borrowers.

That bomb helped fuel today’s record debt. Here’s the thread:

🧵 2/6

What Harper’s government actually did - In 2007, with the global credit crunch hitting, Harper directed CMHC to dramatically loosen mortgage rules:

- down payment slashed to 0%
- amortization periods stretched to 40 years
- CMHC began aggressively guaranteeing “National Housing Act   Mortgage-Backed Securities” (securitized risky loans)
- High-risk loan approvals jumped from 33% in 2007 to 42% in 2008.

Banks off-loaded risk to the government and mortgage credit exploded. By mid-2009, securitized pools had already hit $290 billion (more than CMHC had insured in its previous 57 years combined).

🧵 3/6 

The immediate results?

Even during the 2008–09 recession, household debt rose 9.3% year-over-year. Home equity as a share of home value plunged to just 6% (from 48% in 2003). Canada’s house price-to-income ratio hit 7.4:1 - far above the U.S. pre-crash peak.

Scotiabank economists at the time warned of “excessively generous financing terms.” A financial advisor called CMHC “the largest sub-prime lender in the world.”

The government guarantee meant banks had zero skin in the game on defaults.

🧵 4/6

Fast-forward to today - the bomb went off in slow motion.

Harper’s loosening of mortgage rules normalized ultra-low down payments and ultra-long amortizations. It supercharged the housing leverage machine that the market never fully reversed.

Result: Canadian household debt-to-disposable-income ratio climbed relentlessly. It peaked near 187% in 2022 and still sits at ~174–177% (Q4 2025), the highest in the G7, and well above the U.S. peak before its 2008 crash.

🧵 5/6

Today’s numbers are staggering:

- Total household debt = $2.6 trillion (Q4 2025)
- Mortgage debt alone = $2.1–2.3 trillion
- 73–75% of all household debt in Canada is mortgage-related

House prices have soared far ahead of incomes (see the chart below), locking in generations of highly leveraged borrowers.

Sub-prime borrowers (the riskiest tier) saw the fastest debt growth in 2025. And hundreds of thousands of mortgages are still renewing at much higher rates.

 🧵 6/6

Harper’s policy was sold as a way to keep the housing market and economy afloat in 2008. Instead, it created a structural addiction to debt-financed housing that we’re still living with 17 years later — record debt, crushing affordability, and ongoing risk to the financial system.  The 2009 warning was clear: this was a taxpayer-backed time bomb. We’re still feeling the blast.  What do you think — was this avoidable? Should rules have been tightened harder and earlier? Drop your thoughts below 👇

Full 2009 analysis - worth a read even today:

(Article: https://www.policyalternatives.ca/news-research/canada-s-sub-prime-mortgage-time-bomb/)

You can read the unrolled version of this thread here: https://typefully.com/PaxCanLib02/OoWSCev

Canada's Debt Crisis Explained

Israel’s “double-tap” strikes: when first responders become the target.

The second strike is timed to kill the heroes rushing to treat the injured from the first. 🚑💥

#DoubleTap #FirstResponders #HumanitarianLaw #IsraeliWarCrimes 

https://x.com/sahouraxo/status/2053828551216963694?s=20

1/12 - 🧵

Curious about the perks of living in Canada versus USA? Here are the TOP 10 benefits that make it stand out—think stability, healthcare, and a perfect work-life balance! 🇨🇦✨

#CanadaVsUSA

2/12 - 🇨🇦🇺🇸

1. Universal Healthcare 🏥

Free essential medical care (hospitals, doctors) at the point of service. No monthly premiums or medical bankruptcies like in the USA.

#HealthCare

3/12 - 🇨🇦🇺🇸

2. Lower Overall Cost of Living 💸

Roughly 7.5% cheaper than the USA, with rent 19.5% lower on average. More money in your pocket! 

#CostOfLiving

4/12 - 🇨🇦🇺🇸

3. Safer Communities & Lower Crime 👮‍♀️🛡️

Significantly lower violent crime rates - consistently ranked among the world’s safest countries.

#LowCrimeRate

5/12 - 🇨🇦🇺🇸

4. Better Work-Life Balance ⚖️

Generous paid vacation, sick days, and worker protections ✅ - unlike the USA’s limited federal mandates.

#WorkLifeBalance

6/12 - 🇨🇦🇺🇸

5. More Affordable Education 🎓📚

Lower university tuition, less student debt, and stronger public schools with smaller class sizes. 

#AffordableEducation

7/12- 🇨🇦🇺🇸

6. Stronger Parental & Family Leave 👶🍼

Paid maternity/paternity leave (up to 15+ weeks) vs. mostly unpaid in the USA.

#ParentalBenefits

8/12- 🇨🇦🇺🇸

7. Cheaper Utilities & Daily Services ⚡️📶📱💸

Lower electricity, internet, and mobile plan costs compared to the USA.

#LowUtilities

9/12 - 🇨🇦🇺🇸

8. Robust Social Safety Net  👨‍👩‍👧‍👦🤝💸

Compared to USA, stronger unemployment benefits, subsidized childcare, and support programs that help ease financial stress. 

#SocialSafetyNet

10/12 - 🇨🇦🇺🇸

9. Higher Quality-of-Life & Happiness Rankings  😊🌍

Canada consistently beats the USA in global happiness and livability indexes.

#QualityOfLife

11/12 - 🇨🇦🇺🇸


10. Multicultural & Immigrant-Friendly Culture 🌍🤝

Easier integration, higher immigrant population percentage, and more inclusive policies.

#MultiCultural

12/12 - 🇨🇦🇺🇸

Canada excels in security, healthcare, balance and social supports - ideal for family stability. USA wins on raw earnings and speed of promotion in some careers.

Which is your #1? Reply below! 
(Original list from Grok)  

#CanadaWins

You can read the unrolled version of this thread here: https://typefully.com/PaxCanLib02/Fe5OHo0

Canada vs. USA Benefits

@Roman_Baber, you’ve blocked me, a Canadian citizen and constituent. This violates my Section 2(b) Charter rights and defies Federal Court precedent (Guilbeault v. Rebel News). 🇨🇦⚖️

Roman, as a “fighter for civil liberties,” why are you silencing Canadians? Unblock me now. 🗣️

CC:
@ChrisWarkentin - party whip
@PierrePoilievre - party leader
@CPC_HQ - Conservative Party HQ

#cdnpoli #CPC #CharterOfRights 

Unblock Me, Roman Baber

Thread 1/ 🧵

Pierre Poilievre isn’t just Canada’s Conservative leader - he’s also the public face of a party officially connected to the same global right-wing network as the GOP: the International Democrat Union (IDU). 🌍

Stephen Harper chairs it.
Anaida Galindo attended IDU receptions.
The Republican Party is a full member.
Poilievre’s Conservatives are a full member. 🔗

While Canadians are told this is all about “common sense,” real coordination is happening behind the scenes - alongside Trump’s party and a worldwide network of centre-right (and further-right) parties. 🗳️🤝

This isn’t a conspiracy theory. It’s on the IDU’s own website. 📌

So what does this actually mean for Canadian sovereignty, policy, and elections? 🇨🇦🗳️

#CarneyOn #CanadaStrong #IDU #GOP #Democracy #CdnPoli

2/

Here are the receipts, straight from Stephen Harper’s own X account (the guy who chairs the IDU and used to be Canada’s PM). 🧾

In the last couple of years, the IDU has rolled out the red carpet for top Republicans:

• Senator Marco Rubio gave the keynote address
• Vice President Mike Pence delivered the main message
• Speaker Newt Gingrich was praised for his “strong, clear, conservative message” to the “global family of centre-right parties”
• In 2024, Harper officially opened the IDU Forum in Washington, DC, and publicly thanked the GOP for hosting and “sharing best practices”

These aren’t random meet-and-greets. 🤝

This is the official international alliance that Pierre Poilievre’s Conservative Party of Canada belongs to, the exact same club as Trump’s Republican Party. Coincidence, or coordinated global strategy? 🌍

#CarneyOn #CanadaStrong #IDU #GOP #Democracy #CdnPoli 

3/

But don’t just take Harper’s tweets for it. Here’s the visual proof, straight from the IDU’s own events:

- Stephen Harper smiling alongside former GOP presidential nominee Mitt Romney, in front of the official IDU backdrop
- The 2023 IDU Forum speaker graphics proudly featuring Mike Pence (48th Vice President of the United States)
- Newt Gingrich (50th Speaker of the House)
- And Mike Pompeo (70th Secretary of State) at the IDU4 podium delivering a speech

This is the same “global family of centre-right parties” that lists Pierre Poilievre’s Conservative Party of Canada as a full member, alongside the Republican Party.

And who chairs the whole IDU network? The same Stephen Harper who, as Prime Minister, prorogued Parliament four times.

Not “just networking.” This is the official institutional bridge between Poilievre’s CPC and the Trump-era GOP. 🧾📸🇨🇦🇺🇸

#CarneyOn #CanadaStrong #IDU #GOP #Democracy #CdnPoli

4/

Gerald Chipeur, a high-powered Calgary lawyer, was former general counsel to the Conservative Party of Canada (CPC) and is considered one of the founding members of the early-2000s “unite the right” movement that created the #CPC by merging the Reform Party and the Progressive Conservatives.

Chipeur works in Canada for the Alliance Defending Freedom (ADF), and he lurks in the backrooms of the #CPC. His connection to the GOP right wing goes way back.

Pierre Poilievre didn’t just inherit a party that joined the IDU. He leads the official Canadian member of the same global alliance that lists the Republican Party as a full partner, chaired by Stephen Harper, the one that rolls out Pence, Gingrich, Romney, and Rubio as headliners.

This isn’t “common sense Canadian conservatism.” This is the GOP playbook, imported through the IDU’s backrooms, complete with shared strategy, messaging, and big-name Republican validation.

While Poilievre talks “axe the tax” on stage, the real coordination happens off-stage in Harper’s international network.

Canadians deserve full transparency: is this independent policy for Canada, or imported American right-wing strategy?

What do you think, foreign influence or just “networking”? Drop your take below. 👇🇨🇦🧾

#CarneyOn #CanadaStrong #IDU #GOP #Democracy #CdnPoli

5/5

https://xtramagazine.com/power/politics/alliance-defending-freedom-adf-hate-group-canada-gerald-chipeur-255467

Chipeur, who was born in the U.S. and has dual citizenship, shows up in some interesting places.

He was former general counsel to the Conservative Party of Canada (CPC) and is considered one of the founding members of the early-2000s “unite the right” movement that created the party by bringing the Reform Party and Progressive Conservatives together.

He was an advisor and lawyer to former Conservative prime minister Stephen Harper, and still has connections with current high-ranking conservative politicians, including CPC leader Pierre Poilievre and former Alberta premier Jason Kenney, who served as Harper’s parliamentary secretary and secretary of state for multiculturalism and Canadian identity.

Until 2013, Chipeur was listed as a director of Poilievre’s former polling and campaign management company, 3D Contact Inc., which used automated calling for conservative candidates.

Chipeur travelled to Korea last year with then-premier Kenney. He currently serves on Alberta’s mental health review board, where his ties to Kenney’s United Conservative Party have led to accusations of bias in a parole case.

Chipeur also worked with Ezra Levant, founder of right-wing outlet Rebel Media, at his previous Calgary law firm, Chipeur Associates.

#CarneyOn #CanadaStrong #IDU #GOP #Democracy #CdnPoli #Canada #Politics #Accountability 🧾🇨🇦🔎📌

Pierre Poilievre and Global Right-Wing Ties

Poilievre keeps screaming that the carbon tax is “a levy on everything,” but here’s the actual list of countries that have one, including conservative governments that aren’t melting down about it.

And Canada’s version used to come with a rebate for most families.

So is it really the apocalypse… or just another scare tactic? Tell me I’m wrong. 🤷‍♀️📉🌍

#CarneyOn #CanadaStrong #CarbonTax #ClimatePolicy #CostOfLiving 

https://x.com/PierrePoilievre/status/2047081208857657523?s=20

This graphic maps the 70 active carbon pricing initiatives worldwide, their established price of carbon, and the global emissions they cover. https://www.visualcapitalist.com/cp/carbon-pricing-initiatives-around-the-world/ via @visualcap 

Debating Carbon Tax Impacts

Marco Rubio just said the POTUS thinks Canada would be “better off as the 51st state”… 🇨🇦🇺🇸

Meet his BFFs in the IDU 👇
Stephen Harper literally thanked him for the keynote at their 2023 forum. And here’s Pierre Poilievre repping the same “Global Alliance of the Center Right.”

Conservatives screaming about sovereignty while their global daddy issues are on full display. 🙄
Who else is tired of this foreign interference cosplay? Drop your take below. 👇

#CarneyOn #CanadaStrong #PierrePoilievreIsUnelectable #CanadianSovereignty #ForeignInterference

https://x.com/highbrow_nobrow/status/2046651304190062824?s=20