Finance committee  The borrower would need to be qualified for an insured mortgage. It doesn't have to be with CMHC. It could be with one of the two private insurers, Genworth or Canada Guaranty, but, yes, they would have to be qualified based on that insured mortgage and meet all the requirements

Finance committee  As we mentioned earlier, the program can be used to offset the cost of servicing a mortgage. The incentive allows you to decrease the size of the insured mortgage without commensurately increasing the down payment, as you would have to do without the incentive. In doing so, it w

Finance committee  The loan-to-value ratio would be the down payment requirements for an insured mortgage. The minimum requirement is 5%, and that applies to homes priced under $500,000. For homes above $500,000 that go up to the $1 million price limit in the insured space, there's 10% on the porti

Finance committee  The house price, not the loans value. Yes.

Finance committee  Yes.

Finance committee  Sorry, I thought you were asking about the maximum loan-to-value ratio for the borrower under the insured mortgages.

Finance committee  Under the program, as I said before, the maximum house price would be a function of a borrower's income and down payment. For example, with someone who puts the minimum down payment of 5% and who is at the income limit of $120,000, the house price limit would be around $505,000.

Finance committee  It depends on the terms and conditions, specifications, for what the maximum down payment is. For example, most insured buyers who are first-time homebuyers have high-ratio mortgages, so loan-to-value ratio is above 80%. In that case, someone would be able to have a house price o

Finance committee  Those are the house price ranges applicable to the incentive. As I said before, the insured market space—

Finance committee  Yes. However, because the incentive applies, there's a requirement that you must have an insured mortgage. This is targeting first-time homebuyers, who typically have insured mortgages. As I said before, the house price ranges in which they buy tend to be more entry-level hous

Finance committee  As was stated before, the program balances the need to target housing affordability with maintaining prudent lending standards. As Michel alluded to, some of the program parameters are intended to contain the risks borne by CMHC and by taxpayers. Further information on that will

Finance committee  As I said, the insured mortgage portion can be reduced because of the incentive without increasing the down payment. The stress test would apply, for example, on that reduced insured mortgage size. Recall that the budget announced criteria for the incentive itself, not just the

Finance committee  As I said previously, the dividend is related to CMHC's commercial mortgage insurance and securitization programs. Those are the programs that fall under the dividend framework for Crown corporations, so the incentive program will not affect the dividends paid to the government o

Finance committee  Mortgage insurance.

Finance committee  I think David has that, Chair.