The share of the
mortgage insurance market held by Canada Mortgage & Housing Corporation is down to 50 per cent, a record low and a big drop from the 90 per cent it held in 2008. The agency’s exposure to risk has been scaled back over recent years but its chief executive Evan Siddall says that while 50 per cent is a level that CMHC is comfortable with it does not intend to reduce its market share further. The agency had $543 billion of
mortgage insurance covered at the end of 2014 and has a legal cap of $600 billion. Private mortgage insurers such as Genworth have seen their market share, and market value, grow as CMHC’s grip on the sector eased.
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