OSFI Announces New Mortgage Rules

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With all of the excitement over the announcement by Canada’s Finance Minister about new mortgage rules (link new mortgage rules to our other blog post), news about the new, finalized guidelines being released by The Office of the Superintendent of Financial Institutions, Canada’s banking regulator, flew under the radar.

In case you missed the preview of these changes, you can find them here

The changes include:

  • The maximum loan to value on home equity lines of credit (HELOCs) is cut to 65% from 80%
  • The loan to value should be re-calculated upon any refinancing and whenever the lender deems prudent
  • HELOCs will continue to as revolving lines of credit with no specific amortization period


These new guidelines arrive in an attempt to have lenders look more holistically at the borrowers’ ability to continue to make payments, even when mortgages are insured by federal government to further limit the level of risk exposure.

If you have any questions about these rule changes, one of our knowledgeable Mortgage Professionals would be happy to help!


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