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Regulator Tightens Canada Mortgage Oversight Amid Added Risk

By Tony Seruga

OSFI bolsters supervision of underwriting, income verification
Move comes as housing prices soar and bond yields plunge

Canada’s financial services regulator is increasing its oversight of mortgage lenders and insurers as house prices skyrocket in Vancouver and Toronto and low interest rates lure buyers to take on more debt.

The Office of the Superintendent of Financial Institutions said Thursday it would work to ensure banks have proper controls in place. In a letter to federally-regulated lenders and insurers, the agency highlighted income verification, risk levels on new mortgages, ensuring borrowers can repay loans, and challenging home appraisals…

Regulator Tightens Canada Mortgage Oversight Amid Added Risk

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