CMHC has played a very strong stabilizing role in Canada since the end of the Second World War. I would say that there is no need or requirement for CMHC to take on a predominant market share.
One of the interesting aspects of the pandemic is that Canada's housing finance system worked very well with the two private companies representing more than 70% of the mortgage insurance flow in Canada. I think to some extent that was a bit of an acid test, if you will, during the early days of the pandemic when economic uncertainty was a really key consideration.
As it relates to mortgage default insurance, CMHC, in our view, isn't required to play a much more significant role.
It's hard fought. Market share matters. I would say that risk management matters just as much as market share, if not more, and we always want to be very thoughtful about the risk we're taking on.