Private insurers Sagen MI Canada Inc. and Canada Guaranty Mortgage Insurance Co. declined to adopt CMHC’s tougher rules, despite repeated requests from the corporation itself. CMHC, which for decades has been the dominant actor in the mortgage insurance industry, lost roughly half its market share while private insurers gobbled up business. Sagen, meanwhile, has grown its market share to 44 per cent, while Canada Guaranty rose to 33 per cent. With this week’s rule reversal making it easier to access CMHC mortgage insurance, the corporation will regain some of its market share in the coming months, says mortgage broker Rob McLister. “It doesn’t account for such a loss in market share, obviously, but it definitely bothered a lot of people in the industry,” McLister said of the letter.

Source: thestar July 08, 2021 13:52 UTC