Private Mortgage Insurers Expected to Gain Market Share While Maintaining Sound Underwriting Practices

The Coronavirus Disease (COVID-19) pandemic and the resulting economic consequences have impacted the global economy in various ways, with the Canadian housing market being no exception. One of the key developments in the Canadian mortgage insurance market that has taken place during the past few months has been Canada Mortgage and Housing Corporation's (CMHC) tightening of its underwriting guidelines. CMHC has implemented these changes partly as a means to help protect future homebuyers from the expected impact of the pandemic on the prospects for the Canadian economy and housing markets.