Housing crash in Canada could cost mortgage lenders almost $12 billion, Moody’s warns

If Canada were to experience a U.S.-style housing crisis, with house prices falling by up to 35 per cent, mortgage lenders including the country’s big six banks could lose nearly $12 billion, according to a new report from Moody’s Investors Service. Mortgage insurers including CMHC would rack up further losses of as much as $6 billion,