The OFSI (Office of the Superintendent of Financial Institutions – crazy-long name, eh?) is thinking about continuing to tighten the mortgage rules in this country. Last year the reduced the maximum amortization of insured mortgages from 30 to 25 years (which had previously been reduced from 40 to 35, then from 35 to 30). Now… Continue reading More Mortgage Changes Coming?
Tag: jim flaherty
A Review of “The New Mortgage Rules”
As you’ve probably heard, there were a plethora of changes directed at the mortgage industry last week by Finance Minster Jim Flaherty along with the OSFI (Office of the Superintendent of the Financial Institutions of Canada). This is the 4th time since the credit crisis in 2007 that the Department of Finance has clamped down… Continue reading A Review of “The New Mortgage Rules”