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OSFI Ends Stress Test Requirement for Uninsured Mortgage Renewals

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Big News for Homeowners The Office of the Superintendent of Financial Institutions (OSFI) has announced a significant change in the mortgage landscape that will benefit many Canadian homeowners. Effective soon, borrowers with uninsured mortgages will no longer be required to complete a stress test when switching lenders at renewal time.   What Does This Mean…

OSFI Responds to Industry Feedback

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Good news from Canada’s Banking Regulator! After nine months of discussions with industry stakeholders, the Office of the Superintendent of Financial Institutions (OSFI) has decided not to move forward with certain proposed mortgage regulations. OSFI has confirmed that they won’t pursue two of their proposed regulations: debt-to-income (DTI) restrictions and debt service loan coverage restrictions.…