@petrox: 

"I realize that the CMHC is back-stopped by the Federal government"

While CMHC is 100% backstopped by the taxpayers, don't forget that the so-called "private" insurers are also 90% backstopped by taxpayers.

I welcome additional information, but I always find it odd that reports don't typically make note of that "private sector" exposure. You'll see reports that the amount of in-force insurance at CMHC has declined by, say, $10B in a year and is sitting somewhere a little over $500B. But then you won't see any mention of the fact that the growing amount held by "private" insurers has grown to hundreds of billions and is largely guaranteed by taxpayers as well.

None of this is bad if people aren't defaulting, of course. I just find it weird that the taxpayer exposure isn't typically reported to capture both of these sets of information.