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Larry Smith delivers his warning about the state of Canada’s housing market in the kind of gruff, no-nonsense tone you might expect from a guy who’s seen it all before and said everything he thought he could in years past, back when people might have listened.

[np_storybar title=”Changes coming fast atop shrinking CMHC” link=”http://business.financialpost.com/2013/05/06/cmhc-robert-kelly-karen-kinsley/?__lsa=719b-a121″]Canada Mortgage and Housing Corp., the country’s national housing agency, is finally on the path to being operated like a significant financial player which it has morphed into during the past decade.

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Canada Mortgage and Housing Corp., the country’s national housing agency, is finally on the path to being operated like a significant financial player which it has morphed into during the past decade.

A new chairman of the board, a soon-to-be unveiled chief executive and a new reporting structure that will overhaul its operations are the tangible indications of the fundamental changes playing out behind closed doors at the Crown corporation that have been set in motion by the federal government.