Recent data released by the 2011 National Household Survey shows one quarter of Canadians are spending more than they can afford on their housing. Condos continue to the the choice option for the first time buyer segment, and speculation grows over a new round of mortgage rule changes.
A BMO survey finds half of Canadians are looking to buy a home despite tough housing affordability restrictions.
OSFI, the national bank regulator, has deemed six of Canada’s largest lenders as “too big to fail”. What does this mean for banking consumers – and what measures are being put in place to protect our banks in case of another national recession?
OSFI has released their final draft guidelines on mortgage underwriting principles. Expected to be in full compliance by the end of the 2012/13 fiscal year, the guidelines are targeting the borrowing capacity of mortgage seekers, establishing sound appraisal processes as well as effective credit and risk management measures.
CAAMP’s semi-annual report has arrived, and it’s full of latest stats and issues surrounding the current state of Canadian mortgages. A big point of interest lately are the draft guideline changes proposed by the OSFI. Federally-Regulated Financial Institutions have reviewed the recommendations, and the verdict is in on renewals, HELOCs and AVMS. Read on to find out what will change and what will stay the same – and how it’ll affect you.
Great news for homeowners! OSFI has revised proposed changes made in March to mortgage renewal and HELOC guidelines. The changes, which would have subjected home owners to a new credit risk check upon renewal, as well as imposed an amortization rate on home equity line of credit, were revised in light of criticism that they would cause more harm than good to the Canadian housing market.
It seems that every month now there are new principles and policies that are being set out by regulatory agencies in Canada which make it increasingly difficult for consumers to qualify for mortgages. Earlier this week on March 19th, OFSI issued a draft aiming to tighten the mortgage underwriting process and lending guidelines and are looking for industry personnel and other parties involved to provide feedback towards these proposed best practice changes.