Canada Mortgage and Housing Corp.
After the agency implemented its tougher rules – which required a higher credit score and more income to qualify – CMHC lost business to two private mortgage insurers, Canada Guaranty Mortgage Insurance Co.
CMHC’s market share fell to the mid-20s percentage range after the 2020 rule change and is now around 35 per cent, according to Ms. Bowers, who assumed the CEO role a year ago and reversed the policy a few months into her tenure.
The agency’s figures for the past two years show a steady decline in the number of homeowners insured.
In the first three months of 2020, CMHC provided insurance to 24,703 apartment buildings with $88-billion worth of mortgages.