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 […]

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 […]

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 […]