Regulator proposes new capital requirements for lenders

New regulations are set to increase the capital requirements for Canada’s largest mortgage lenders. The Office of the Superintendent of Financial Institutions Canada (OSFI) has announced a public consultation on proposals to “ensure that capital requirements remain prudent in periods where house prices are high relative to household income and/or house prices are increasing rapidly in nominal terms.”

The new rules, due in the fall, are part of the changes OSFI announced in December 2015 which it says “provide a measured and forward looking response to the changing risks occurring in the Canadian mortgage market.”

It is uncertain to what degree the changes would affect mortgage rates from the 7 largest mortgage lenders.

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