The Office of the Superintendent of Financial Institutions (OSFI) has announced it will eliminate the stress test requirement for uninsured mortgages when homeowners switch lenders at renewal. This change applies to uninsured mortgages, bringing them in line with insured mortgages for "straight switch" renewals. This change will apply if the borrower maintains their current amortization […]

Today, September 24, 2024, the federal government announced updated parameters for mortgage lenders and insurers to begin offering insured mortgages as of this coming December. These new criteria will apply to all of your first-time homebuyers and all buyers of new builds. The expanded parameters include: expanding the eligibility for 30-year amortizations and increasing the […]

As you may have heard, the Bank of Canada recently changed the stress test rules as of June 1, 2021. With these changes, now both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The new qualifying rate on uninsured mortgages – where the down payment […]

According to RE/MAX, one of the biggest trends for Canadian homeowners in 2021 are move-up buyers looking to purchase a home that offers more space for them and their families. In fact, this is true for a whopping 29% of Canadians! Unsurprisingly, this demographic is made up mostly of younger Canadians (under 35) with growing […]

With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn't take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued today, OSFI proposed an increase in uninsured mortgages' qualifying rate to the higher of the mortgage contract rate […]