We're not required by regulatory driver to match either up or down. That said, CMHC has historically been the price leader or price maker in a relatively modest-sized oligopoly. The majority of our lenders operate on a system-driven toggle, where they send x number of deals to CMHC and allocate x number of deals to Canada Guaranty and Sagen. If there were a pricing differential—let's say CMHC were to reduce premiums—you would see a fairly significant flow volume being diverted from the private sector and going to CMHC. The change in the market would be would be relatively instantaneous.
On April 4th, 2022. See this statement in context.