Finance committee  My understanding is that currently CMHC has 100% financial backing from the Government of Canada, whereas the private insurer's limit is 90%.

Finance committee  Just to respond in general, I think you can also look at the argument that premiums for lower-income Canadians may be reduced. This may in fact increase competition, may in fact make it easier for people to buy houses.

Finance committee  Oh, not at all. Of course not.

Finance committee  That's up to you.

Finance committee  You're looking at the extreme--

Finance committee  Competition may lead to reduced premiums. That's simply stated. What about increased...? We've talked about product diversification and new products into the market. What about high-ratio financing for construction of new low-income housing, money that might be available to provide low-income housing for people?

Finance committee  Yes, absolutely.

Finance committee  First of all, it's not in our brief; we did not recommend, you're absolutely correct, that safeguards be put in place, but we do have some reservations, absolutely.

Finance committee  No. I think when I answered Mr. McCallum's question, I said on balance, if we had to decide one way or another, we would say that we prefer competition. That's not to say that we would say there shouldn't be--

Finance committee  Yes, I think on balance we're more supportive than not, absolutely. There are always some reservations. We don't know what this is going to bring to the marketplace. It's all speculation as to whether ultimately this is going to undermine the system. No, we don't think so. We think there might be some problems that have to be addressed, but to be honest with you, I feel a lot more comfortable having heard some of the responses from people like Mr.

Finance committee  Thank you, Mr. Chair. Thank you to all the committee members for inviting the Canadian Real Estate Association to appear before you today. As you know, our membership is composed of more than 85,000 realtors who represent and advise Canadians on the purchase and sale of real estate.