Thirty-year mortgages remain a focus for OSFI
Canada’s banking regulator is still monitoring 30-year mortgages, the head of Canada’s financial regulator told a conference of mortgage brokers in Toronto on Monday.
When the government of Canada tightened mortgage regulations in 2012, one of the most impactful changes was the move to restrict 30 year amortizations to uninsured mortgages (mortgages with a minimum 20% down payment) only.
In a recent conference, Julie Dickson, head of the Office of the Superintendent of Financial Institutions (OSFI) stated that the organization is going to continue to closely monitor the Canadian housing market in order to determine if further restriction is necessary.
"It's a dynamic mortgage market, so we're constantly monitoring and getting a lot of information still," said Dickson. "We're still analyzing and I expect that we'll continue to do this for a long time, but we need to be ready to act if we feel we need to act."