OSFI, the Office of the Superintendent of Financial Institutions, recently proposed a number of changes around Canadian mortgages.This proposal has been put forward mainly to try and curb the amount of Canadian debt in hopes of avoiding any sort of sharp change in Canada’s economic health.
Highlights of OSFI’s proposed changes to the Canadian mortgage market include:
MonsterMortgage.ca agent Mike Dias quickly touches upon some of these proposed changes and the potential impact of these changes on the Canadian mortgage market.
UPDATE: OSFI has confirmed that under their new guidelines, lenders will not be required to re-qualify borrowers at the time of renewal.
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