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Canadian financial regulator tightens rules for riskier mortgage products

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Office of the Superintendent of Financial Institutions said the rules go into effect from the end of the fiscal year in 2023

Canada’s financial regulator said on Tuesday it would tighten rules for riskier home loan products, in a bid to address concern over high levels of mortgage debt driven by record-low interest rates during the pandemic.

Under the new rules, the OSFI extended the application of existing limits on home equity lines of credit to non-traditional mortgage products. It said that lending over 65% of the home’s value must have payments that directly reduce the principal and cannot be lent out again.

 

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OSFI tightening real estate loan requirements in effort to reduce lender risk - National | Globalnews.caCanada's banking regulator is tightening requirements for some types of real estate loans to protect homeowners who may be at greater risk from higher interest rates.
Source: GlobalNational - 🏆 81. / 51 Read more »