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Starting in January, Canada’s federal banking regulator, the Office of the Superintendent of Financial Institutions, will require banks and insurers to hold more capital against mortgages in housing markets where home prices appear to be high compared to incomes (Mark Blinch For The Globe and Mail)
Starting in January, Canada’s federal banking regulator, the Office of the Superintendent of Financial Institutions, will require banks and insurers to hold more capital against mortgages in housing markets where home prices appear to be high compared to incomes (Mark Blinch For The Globe and Mail)

Changes seen for mortgage insurance: ‘Industry needs to revisit premium rates’ Add to ...

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New regulations will likely force mortgage insurers to hike premiums for homeowners by an average of 15 per cent next year, says the head of Canada’s largest private-sector mortgage insurer.

“The industry needs to revisit premium rates because, in the absence of that, the returns on the business we start writing will be single-digit,” Stuart Levings, CEO of Genworth MI Canada Inc., said in an interview. “And no business is going to write single-digit-return mortgage insurance.”

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