21 Nov

The Office of the Superintendent of Financial Institutions (OSFI)

General

Posted by: Croydon DeMello

‘Effective November 21st, 2024, borrowers are no longer required to undergo a stress test (higher of benchmark rate 5.25% or contracted rate + 2%) when switching an uninsured conventional mortgage from a federally regulated financial institution (FRFI) to another financial institution at renewal, if maintaining the same amortization schedule and same loan amount with up to $3,000 maximum associated transaction fees.’