💡"Focus on the central banks, and focus on the movement of liquidity... most people in the market are looking for earnings and conventional measures. It's liquidity that moves markets." —Billionaire former hedge fund manager, Stanley Druckenmiller The liquidity tap in the world's biggest economy

The gap between insured and uninsured mortgage originations is now wider than the Grand Canyon. And it just keeps expanding, as the BoC's latest data show (chart below). The government seems blissfully content to let the insured market wither. The number of mortgages on CMHC's books,