Canadian mortgage insurers need more capital to survive downturn, IMF warns
Canadian mortgage insurers would need more capital to withstand a severe downturn in the economy, the International Monetary Fund warns.
Vulnerabilities including elevated household indebtedness and housing market imbalances are “substantial” and pose financial stability concerns, fund staff say.
“The financial system would be able to manage severe macro-financial shocks, but mortgage insurers would probably need additional capital,” the IMF says in its latest assessment of the Canadian
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