Good News
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.
In recent years there has been a shift in the marketplace, with lenders offering more 30-year amortizations, and that’s something that the regulator is studying, Julie Dickson, the head of the Office of the Superintendent of Financial Institutions said.
“We are getting more information and talking to institutions about that,” she said.
While Finance Minister Jim Flaherty changed the mortgage insurance rules in July of 2012 to cut the maximum amortization of insured mortgages to 25 years, uninsured 30-year mortgages are still available for consumers who have a downpayment of at least 20 per cent.
Roughly half of all new uninsured mortgages now have 30-year amortizations, Ms. Dickson said.
“This is a market that continues to bear very close watching,” Ms. Dickson told the conference during a speech, referring to the country’s housing market broadly. “We continue to closely monitor real estate lending.”
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