What are the three primary mortgage insurers in Canada?

The correct option outlines the three primary mortgage insurers in Canada: Canada Mortgage and Housing Corporation (CMHC), Genworth Canada, and Canada Guaranty.

CMHC is a government agency that plays a significant role in the Canadian housing market by providing mortgage insurance to lenders on behalf of borrowers who make a down payment of less than 20%. This insurance protects lenders from losses in case the borrower defaults on the mortgage.

Genworth Canada and Canada Guaranty are private mortgage insurance companies that also offer similar coverage, focusing on protecting lenders while enabling borrowers to secure mortgages with smaller down payments. These companies operate in a competitive insurance market alongside CMHC, providing an essential service that facilitates access to home ownership for many Canadians by allowing them to purchase homes without the need for a larger down payment.

In contrast, the other options list institutions that do not primarily function as mortgage insurers. The Royal Bank of Canada, Manulife Financial, Canada Life, CIBC, Equitable Bank, Toronto Dominion Bank, and Simplii Financial are financial institutions and may offer various financial products, but they do not serve as primary mortgage insurers within the Canadian mortgage system.