OSFI Rule Change Effective January 1st, 2018
Effective January 1st, 2018, when qualifying for a mortgage, The Office of the Superintendent of Financial Institutions (OFSI) has established further reach to the “stress test” that was introduced last year.
What this means: Previously the stress test only impact borrowers with less than 20% down, those looking for variable rate mortgages or those seeking a term less than 5 years. Now, this test will be applied to all mortgages moving forward, with a greater of the five-year benchmark rate published by the Bank of Canada.
To learn more, follow the link below: