Earlier this week, the CMHC admitted that the tighter standards were a mistake and reversed them, but some in the financial sector wonder if the damage has already been done. While watching the private sector swallow CMHC’s lost share isn’t expected to move the needle when it comes to housing prices, it is a hit to the agency’s presence in the sector as well as its ability to move the housing market with further adjustments to its underwriting practices.
Dan Eisner, chief executive officer and founder of True North Mortgage, said Bowers will face an uphill battle in bringing the CMHC back to terms with the other industry players.Article content “We saw the fee increase substantially in January,” Eisner said. “It makes me wonder … that since they lost market share, so they’re not getting their pound of flesh up front, they’re getting a pound of flesh at the end.”
“The CMHC is a major, major provider of housing market data that is not out there, and the competition doesn’t have this capacity,” Tal said. “So, this is something that they will try to capitalize on when they try to regain market share.”
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