It comes as the federal government has been under mounting pressure, both domestically and internationally, to tackle rising household debt levels in Canada as well as soaring home prices in Toronto and Vancouver. Read more: Real-estate reform: What you need to know about Ottawa's overhaul "Experiences in other countries have shown that high household indebtedness can exacerbate an adverse economic event, leading to negative impacts on borrowers, lenders, and the economy," federal officials wrote in their consultation paper. "A high level of public sector involvement, for example through government guarantees of mortgage loans, may dampen market signals and lead to excessive risk taking." Under Canada's current mortgage insurance system, taxpayers shoulder virtually all of the costs of mortgages that default, paying lenders for lost principal and interest, as well as for the costs of foreclosing on a property, such as legal fees and property maintenance. Financial institutions are on the hook for little, if any, of the costs of dealing with defaulted mortgages. Taxpayers guarantee 100 per cent of the costs of mortgages insured by Canada Mortgage and Housing Corp. and 90 per cent of the costs of CMHC's private sector competitors. According to government figures, 56 per cent of the roughly $1.4-trillion in outstanding mortgage debt in Canada is insured, although that share has been declining in recent years owing to several rounds of rule tightening by Ottawa since the 2008 financial crisis. CMHC controls little more than half the market, with $523-billion in total outstanding insured mortgages as of the second quarter. Genworth MI Canada Inc.'s share was roughly 32 per cent of total mortgage insurance premiums as of last year, while Canada Guaranty Mortgage Insurance Co. had an 11-per-cent market share, according to estimates from rating agency DBRS Ltd.
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