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 plus 200 basis points or 5.25% as a minimum floor.
Original Article Source Credits: Dominion Lending Centres , https://dominionlending.ca/
Article Written By: Sherry Cooper
Original Article Posted on: April 8, 2021