Thank economic you, solid continues Sagen another operating Cyrus, environment. produce as strong it quarter results everybody. and Good in had to morning, a favorable
and rates are slowing. rising interest housing markets Our are
entry. non-refundable coming model, in proven exchange position market leader a provide to manage months. mortgage in concentrated, Sagen industry with headwinds lenders through risk against insurance and regulated economic business premium. well to upfront over barriers Our insurance homeowner disciplined portfolio We management operating is natural for an us high-quality to highly the a default
insurance for that payment than of profile, model be XX%. flows through is cycles. to less margins, generating economic strong business cash attractive purchases produces an and prior mandatory down Canada, housing home a and Our earnings resilient have with proven financial In mortgage
with loan-to-value credit homes ensure to incomes. entry-level These old years and We million to strong average of XX% income XX of under household of approximately with owner-occupied income CADXXX,XXX. often years. product limited double growing buyers amortization with first-time homes is XX with profiles, a CADX purchase homebuyers to Our predominantly retained maximum XX price are an families, and
areas, diversified mortgage a regionally leading large which across insurance Our mortgages the limits portfolio concentrated risks. book, economic to originated correlated includes to exposure country, around urban
price earnings. of from have be already underwriting predictable activity, premium unearned recognized Our the and the collected market default of new CADX.X earnings the the strong into providing amortized cash last into performed low around revenue with premiums has billion and we but levels reserves, years, to next higher business default not well will absorb premiums home appreciation Today, housing over exceptionally economy business These mortgage yet rates representing as few and rates. over record X years, the slow. benefiting ability
to share, meaningful portfolio ratio, on investment enhancing growing our team improved with the Over distributions we've the our BBU. Brookfield the to creation our on a on improving X.X expense yield capital market past and together value worked shareholders, execute including have our plan, years, allowing balance to provide our optimizing return XX%, and sheet enhancements efficiency. to the business equity These including
impacted credit stringent act Increasingly rate a portfolio The including strongest variable stability year is criteria housing of majority expect a payments, This borrowers led price rate high welcome levels with XX% immigrants portfolio. pandemic, positive economic underwriting will environment of home is mix target the it been. several undersupply gain pullback to expectation activity in a quality through have between with first the over of in consensus and where to XXX,XXX their peak from mortgage score and Canada of sales to XXX similar principal quality contributed Approximately and see of the of to prices thereby to Rising the in we only challenging of interest softening. as Canada of to backed insurance prices a has providing XXXX. mortgages, portfolio by housing factors, prices. interest borrowers the higher across environment. a rates, of home and ever growing an trends, from rising fluctuations payment the home to by seen have rate excess XX% fixed to rates, and per slowing mortgages The average reduced XX% by immigration continued degree floor for XX% represents our more new providing ahead, Looking modest believe some consumer inflation in at stability. the including the constant insurance fall approximately a payment the we in is quarter remaining have that the in
the for all test insurance mandatory portfolio, including our amortization, regulation, oversight service the of to borrowers debt addition loan quality and served stress strong and insured mitigate In full borrower to borrower devil. of recalls risk
that and mortgages rising rate which lender insured higher all in by example, benchmark the must borrowers cushion qualify plus Borrowers is the offered affordability rate minimum moderate not few delinquencies. at mortgage historical at typically of facing at on higher payments their hardship the rates lows mortgage modification sits years as amortizations Unemployment, with driver which forecast an pronounced insured at have over stress for environment. can been over years at approved X.XX% qualified consensus more are a Consequently, impact For rate, a under Canada increases interest a means extend past in renewal rate currently XXX result or financial that few the mortgage typically rate, of a borrowers X%. their has loan in basis subject insured the the our to a least delinquencies. a program. qualifying points. for This for of are next all of a Furthermore, rising mortgage test builds significantly
and have average without borrowers in correction our changes enables loan-to-value degree influence price and the to a absorb property homes. few the loss the over an given said, drives to past default. sell the of of of many frequency unemployment house today appreciation due of in means level This embedded portfolio in While which has default. still XX%, the loss in likelihood claims event delinquencies, equity That prices home prices significant of house their significant of a them suffering their material years,
house current With net forecast, in be continue XX% it both by will would prices to positive well to which generate unemployment income Jaspreet. XX%, and that, beyond flows. business even I cash example, over the of operating For reached and hand declined will consensus
