Mortgage Insurer Genworth recently cut their premiums on mortgage default insurance for rental properties. Essentially, they matched the premiums of CMHC and AIG.
Three cheers for competition!
It’s somewhat curious, however. In many cases, the big three insurers have the same premiums on multiple insurance programs (for example: investment properties, 100% financing, vacation homes, etc.).
Canada’s mortgage insurers almost seem like the big U.S. airlines. When one airline cut’s their prices the others magically follow–often to the cent.
Hopefully PMI and Triad break ranks and put even more pressure on pricing when they ramp up their Canadian business in coming months.
If so, consumers will be the winners…yet again.
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