TORONTO, April 20, 2017 /CNW/ - Genworth Canada commends the Ontario Government for taking action to address affordability in the Greater Golden-Horseshoe (GGH) housing market.
"We welcome the actions announced today by the Ontario Government aimed at addressing the affordability of homeownership and expediting access to affordable housing stock suitable for aspiring first-time homebuyers," said Stuart Levings, President and CEO of Genworth Canada, the country's largest private-sector provider of mortgage default insurance. "We are pleased to see the collaborative approach being taken by the three levels of Government to utilize targeted measures to respond to regional market issues."
"As an insurer of first-time homebuyers, we have seen a growing divergence between what first-time buyers can afford and average market prices. These measures will help responsible families and individuals achieve their dreams of homeownership while protecting the equity that existing GGH homeowners have invested in their properties," added Levings.
About Genworth MI Canada Inc.
Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), is the largest private residential mortgage insurer in Canada. The Company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Genworth Canada differentiates itself through customer service excellence, innovative processing technology and a robust risk management framework. For more than two decades, Genworth Canada has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at December 31, 2016, Genworth Canada had $6.6 billion total assets and $3.6 billion total shareholders' equity. Find out more at www.genworth.ca.
SOURCE Genworth MI Canada