CMHC figures show that the publicly owned company is losing market share to the private sector. There was a significant drop in the number of housing units CMHC insured in the first quarter of this year, partly due to a decrease in home sales at that time, but the year on year figure is also down and is due in part to a decline in market share. Private alternatives are not guaranteed by the government to the same degree (90% as opposed to 100% for CMHC) but these figures will be good news for Ottawa following the International Monetary Fund’s view in November that the risk in mortgage insurance should be shared more with the private sector.
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