Government Announces Changes to Qualifying Rates for Mortgages
On May 20, the Office of the Superintendent of Financial Institutions (OSFI) announced it will move forward with a proposed new qualifying rate for uninsured mortgages, reinforcing the mortgage underwriting principles outlined in Guideline B-20. As of June 1, 2021, the qualifying rate for all uninsured mortgages should be the greater of the mortgage contractual […]
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