Finance committee  I can't really answer that. I would say that, in the long run, protecting borrower vulnerability and preventing people from reaching for buying houses, and therefore, pushing up their prices is in the interests of the diverse population of people who want to buy houses.

Finance committee  I can't give you the specific number.

Finance committee  In terms of profit...?

Finance committee  Are we talking about revenue from premiums earned? Is that what we're saying?

Finance committee  These are quite complicated because they recognize premiums on a incremental basis all the time.

Finance committee  Absolutely.

Finance committee  Premiums earned by CMHC are recognized in the annual public accounts of the Government of Canada.

Finance committee  The money, for the moment, is invested by CMHC and is held as an investment, but the recognition from an accounting point of view is of annual income. If an event occurred and CMHC paid out on insurance, or any of the other two guaranteed insurers—

Finance committee  —that would be recognized as a fiscal expense.

Finance committee  It's only the accounting that matters.

Finance committee  The issue in urban markets is really the changing nature of those marketplaces over time and the need for a more diversified housing stock. This is recognized in the government's work on its national housing strategy and, indeed, in supporting people in getting access to homes. W

Finance committee  Could you clarify? Is there any feature...?

Finance committee  Yes, by all means. The changes to eligibility for mortgage insurance will have an impact on the marketplace, on the structure of the marketplace, on who gets access to mortgage insurance, and therefore, how easily credit can be extended. We announce them in a transparent and imm

Finance committee  It's about the question of whether sharing risks with lenders would be a good idea, and they are very open processes with access to documents.

Finance committee  It's too early to say what the impact of these measures is. Some of them just came into effect at the end of November. We are actively monitoring those impacts, collecting data from lenders and mortgage insurers, and trying to understand how that's changing.