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ARTICLE · 04 DECEMBER 2024

OSFI Issues Updates For Mortgage Qualifying Rate, Culture Risk And Funding

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The Office of the Superintendent of Financial Institutions (OSFI) issued its quarterly release of regulatory changes on November 21, 2024, covering an exemption to the Minimum Qualifying Rate (MQR)...

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Craig Bellefontaine
Craig Bellefontaine
Tara Newman
Tara Newman
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The Office of the Superintendent of Financial Institutions (OSFI) issued its quarterly release of regulatory changes on November 21, 2024, covering an exemption to the Minimum Qualifying Rate (MQR) for some mortgage renewals, a notice on culture risk management and updated capital and liquidity guidelines.

Overall, the release reflects current issues that are being closely followed in the financial sector. An MQR exemption for straight switch renewals anticipates challenges facing individual mortgagors in 2025, allowing leveraged borrowers to be taken on by institutions with lower overall portfolio credit risk. With heightened attention on culture risk, OSFI is looking to senior management to focus on risk indicators. Lastly, as the calendar year ends, OSFI concluded several workstreams on capital and liquidity guidelines and also announced plans to rescinded several guidelines.

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