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ARTICLE · 24 JANUARY 2023

OSFI Seeks Input On More Stringent Mortgage Underwriting Rules

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On January 12, 2023, the Office of the Superintendent of Financial Institutions (OSFI) launched a public consultation regarding changes to Guideline B-20 Residential Mortgage Underwriting Practices...

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Kathleen Butterfield
Kathleen Butterfield
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On January 12, 2023, the Office of the Superintendent of Financial Institutions (OSFI) launched a public consultation regarding changes to Guideline B-20 Residential Mortgage Underwriting Practices and Procedures that would further tighten mortgage underwriting rules and possibly related rules that apply to federally regulated lenders.

Background

OSFI views lending risks as having significantly increased due to a combination of high interest rates, high levels of indebtedness, and the risks of an economic downturn. The consultation was telegraphed in OSFI's Annual Risk Outlook 2022-23. It reflects the Bank of Canada's latest Monetary Policy Report in October 2022, noting that inflationary pressures remain elevated, the pace of economic growth in Canada is slowing and there is potential for a sharp slowdown in the global economy in an era of combined tightening by central banks.

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