OSFI eases mortgage stress test for uninsured homeowner loan renewals, effective Nov 21.
Canada's banking regulator, OSFI, will ease mortgage rules for homeowners with uninsured loans who switch banks upon renewal, effective November 21. Borrowers will no longer need to undergo a stress test, a change aimed at encouraging banks to offer better rates. This decision follows industry feedback and aims to address discrepancies between insured and uninsured borrowers, while having minimal impact on overall mortgage market risk.
September 25, 2024
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