Canada’s Mortgage Industry Update: OSFI to Eliminate Stress Test for Uninsured Mortgage Switches Starting November 21, 2024
The Office of the Superintendent of Financial Institutions (OSFI) has announced a significant change to Canada’s mortgage lending regulations, specifically affecting uninsured mortgage switches. Effective November 21, 2024, borrowers switching from one lender to another for an uninsured mortgage will no longer need to pass the stringent mortgage stress test. This regulatory shift has garnered […]