Mortgage Logic

Financial Regulations

Good News, CMHC Competitors Decide Not to Tighten Rules, Maintain Home Shopping Affordability

In a news releases today Genworth Canada and Canada Guaranty have both confirmed that they will not follow suit with Canada’s main mortgage insurer, CMHC, in tightening lending guidelines for mortgages. Genworth MI Canada Inc. (TSX: MIC) said: “it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit […]

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Canada’s Mortgage Insurer Tightens Rules Effective July 1

Not good news. This will definitely contribute to retracting the housing market and lowering consumer affordability. Ottawa still believes that there is a housing bubble. We believe that this is being heavily influenced by the pandemic support handouts and the extra debt & risk that will result for the federal government because of it. They

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Minister Morneau announces new benchmark rate for qualifying insured mortgages

February 18, 2020 – Ottawa, Ontario – Department of Finance Canada For many Canadians, their home is the most important investment they will make in their lifetime. That is why the Government of Canada has introduced measures to help more Canadians achieve their housing needs while also taking measured actions to contain risks in the

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OSFI Tightens Supervisory Expectations for Mortgage Underwriting

The Office of the Superintendent of Financial Institutions (OSFI) issued a letter this morning to all federally regulated financial institutions (FRFI). The letter expresses concern about the rising levels of household debt in Canada and serves to remind FRFIs of their obligations under Guidelines B-20 and B-21 to assess and underwrite mortgage loans and mortgage

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Feds Raise Down Payment Requirements

by Theophilos Argitis and Greg Quinn, Bloomberg News Canada is raising minimum down payments on some government-insured mortgages, a move aimed at curbing the risk of a housing crash in Toronto and Vancouver where high prices are leaving some families at risk from heavy debt loads. Finance Minister Bill Morneau announced the plans on Friday

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