NEW OSFI Mortgage Rules - What is the Impact on Canadians?

NEW OSFI Mortgage Rules - What is the Impact on Canadians?

The regulator for all Canadian Banks in Canada, the Office of the Superintendent of Financial Institutions (OSFI) is introducing additional restrictive mortgage rules that will have a dramatic impact on the housing market and the ability of Canadians to qualify for a mortgage.  The instrument being used is a STRESS test that will reduce the amount of money borrowers will be able to qualify for.

Quotes from OSFI:

“We clearly see the potential risks”

“Banking watchdog sees risks in Canada’s high debt and home prices and is doing something about it”

Announcement – The Better Business Bureau

TMC joined the BBB to demonstrate that we are reliable, ethical, and trustworthy. Every time a review of TMC is submitted, it helps people who don’t know us become more aware of our services and value proposition. “We are a company that is 100% dedicated to customer service.” says George Hugh, President and CEO of Taurus Mortgage Capital. We are excited to be a part of the BBB and would like to hear about your experiences.