November 25, 2017

Shocking, This All Started 9 Years Ago!

If I were to ask when you remember the Office of the Superintendent of Financial Institutions (OSFI) making fairly recent changes to the mortgage rules, what would be your guess?  When was mortgage insurance banned on properties over $1 million?  Would you have guessed a couple of years ago?  It was actually 5 years ago! Here’s a brief history of some of those key mortgage rule changes over the past decade: January 1, 2017: OSFI imposed onerous capital requirements on default insurers, thus disadvantaging many bank competitors (and consumers) by jacking up rates substantially on low-ratio insured mortgages. November 30,…

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