CMHC at Q1 had equity of 8.04% of assets. Only in the financial industry is this considered high or sufficient. There is NO excess capital here. It's only in excess of some calculated minimum. No one can say for sure that this capital is sufficient in the event of a recession and falling house prices rising defaults. Time will tell.

Not only that but I believe CMHC has some off balance sheet liabilities as well.

But since the government will make up any shortfall it is fine for them to take their profit now.

No home buyer was forced to pay CMHC insurance. You just need a 20% down payment to avoid it.