Housing Finance Framework

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The Government will continue to ensure the housing finance framework reduces taxpayer exposure and supports the long-term stability of the housing market and financial system.

The Government has recently made improvements to the housing finance framework to restrain the growth of taxpayer-backed mortgage insurance and securitization and enhance stability. These include increasing fees on National Housing Act Mortgage-Backed Securities and Canada Mortgage Bonds, and capping annual issuance on new guarantees under these programs.

The Government will implement regulatory measures that limit the extension of portfolio insurance through the substitution of mortgages in insured pools, tie the use of portfolio insurance to CMHC securitization vehicles, and prohibit the use of government-backed insured mortgages as collateral in securitization vehicles that are not sponsored by CMHC.

The Government continues to closely monitor the housing market and assess measures to further reduce taxpayer exposure and risks to the long-term stability of the sector.

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