We compete with CMHC, as we would with any other competitor. There is really no area of the country or product type that they offer that we don't as the private sector offer too.
Our view is that the nature of the industry is such that we think that probably around a third of the market would be an appropriate level for them. Currently they are coming back from an extremely low level, having pulled out of a segment of the market during the pandemic, whereas we, and our other private sector competitor here, Canada Guaranty, continue to support the market.
In all truth, we compete as if they were another private sector player. There really are no other differences, other than the level of service we provide to our customers.