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Canada's OSFI to be stricter in mortgage lending

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Canada's OSFI to be stricter in mortgage lending

Canada'sOffice of the Superintendent of Financial Institutions reiterated the need for mortgagelenders to pay attention to their underwriting standards for residentialmortgages.

surrounding a rise inhousehold debt and significant increases in house prices prompted the move. Withthe added factor of "exceptionally low interest rates," SuperintendentJeremy Rudin said "therisks are getting larger."

OSFI will increaseits efforts to confirm the soundness of controls at lenders and insurers andwill move forward with initiatives that improve how the capital they hold is measured.