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October 8, 2024
Mortgage Insurance Rules Changes Announced on October 8, 2024

Today, the federal government announced three key announcements designed to unlock underused properties and make it easier for homeowners to add secondary suites to their homes. 1. Mortgage Refinancing for Secondary Suites: Beginning on January 15, 2025, homeowners will have the opportunity to refinance their insured mortgages to finance the construction of secondary suites. A […]

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September 27, 2024
OFSI Removes Stress Test on Straight Switch Mortgage Renewals

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 […]

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September 26, 2024
Stress Test Changes Coming November 21st

Did you hear? As of November 21st, 2024, the federal banking regulator OSFI will eliminate the required stress test to switch your uninsured (conventional) mortgage to another lender at renewal. What does this mean for you? No more stress test when you renew your mortgage! Easier to switch lenders at renewal without having to provide […]

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September 24, 2024
Expanded Eligibility for Insured Mortgages Coming in December

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 […]

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May 28, 2021
Insured and uninsured mortgage qualification stress test changing

On June 20th, 2021 the Office of the Superintendent of Financial Institutions (OSFI) announced that as of June 1st, 2021, uninsured mortgages will be required to qualify at the greater of the mortgage contract rate plus 2 percent or 5.25%. That is up from the current qualifying rate of 4.79%. Further, the Deputy Prime Minister […]

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April 27, 2021
OSFI Considers Setting a Minimum Qualifying Rate of 5.25% For Uninsured Mortgages

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 […]

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