Human Resources committee  One thing I would like to highlight for Madam Zarrillo is that as part of our mortgage insurance product development, we introduced the MLI Select program a year ago. In it, we tied more affordable premiums to social outcomes like affordability. We are constantly retooling our pr

Human Resources committee  I smiled slightly because the Canada mortgage bond relates to our securitization program, and it's not something that most Canadians are aware of, although it's a very important part of our housing finance infrastructure. We've had a $40-billion limit in our CMB program for man

Human Resources committee  This is very difficult to estimate, given that the market is quite turbulent right now, but I believe that the Department of Finance provided an estimate of 200,000 units over 10 years.

Human Resources committee  This is a critical issue in addressing our housing supply gap. We build 200,000 today and we built 200,000 units in the 1970s when our population was much smaller. Clearly our construction sector is very fragmented, and I think there's room for innovation in this area. We have a

Human Resources committee  Yes. I'm not predicting that 2% will default; I'm just saying that those are the highest-risk mortgages and that we monitor them very closely for default.

Human Resources committee  I can't comment specifically on the RioCan situation, but I can tell you that CMHC provides mortgage insurance for purpose-built rental developers, which include REITs, and we feel that it's important to do this because we have a deficit of purpose-built rentals in Canada, and th

Human Resources committee  In the month of June, which was the peak, we had 5,000 applications in the queue.

Human Resources committee  Just to give you a sense, our applications went from 400 a month to 800, and sometimes over a thousand. We've been able to double our underwriting staff, so we've reduced the backlog from 4,000 to 2,000 and we'll be able to clear the backlog by the end of the year.

Human Resources committee  We doubled it. We had about 50, so we increased it by 30.

Human Resources committee  Is that in terms of the premium?

Human Resources committee  First of all, I'd like to clarify that we increased the premium. We have to run this business on a commercial basis. We had not increased premiums since 2017. There were changes to accounting rules that we have to follow, as well as regulatory capital requirements set by OSFI, so

Human Resources committee  Mr. Chair, I can't speak to individual projects or individual applications, but if Madame Chabot would give me an indication of the applications that are stuck in the CMHC pipeline, I would be very happy to look into those. All of our programs are oversubscribed, and we are wel

Human Resources committee  These are early days, so we don't have estimates. I live in Toronto, and some of the developers I talk to on a regular basis have said that it's reduced per-unit costs by up to $50,000, so we think there's going to be a significant impact.

Human Resources committee  I mentioned the fact that we have four million rental units. Two million are old units built in the 1960s and 1970s. Two million are new condos that are owned by private individuals and rented out. I really believe that purpose-built rentals provide security of tenure and are the

Human Resources committee  Yes, and maybe I can tell a story. I live in the west end of Toronto. For many years, it was not legal to build laneway houses in Toronto. It was very difficult, because of very restrictive municipal regulations. It's possible, by changing these rules, to create rental units ve