I think if housing prices go to $2 million, that puts Toronto and Vancouver real estate into 4 or 5 trillion mark. No  way anyone will care about CMHC's implied guarantee at that point. The whole country is going to go bankrupt if the housing market turns. These guys in office are going to sell out our kids just to keep real estate rising. Just remember that when you vote, and when it comes to their pensions. Zero forgiveness for this.