In our last post, “Waiting on my Dream House”, we discussed the growing issue of people being “House Poor”. The Ontario government has also noticed this trend. In order to help prevent Ontarians from becoming house poor, the Office of the Superintendent of Financial Institutions (OFSI) is requiring financial institutions to be more thorough and complete all their due diligence in order to ensure that the people are getting mortgages with realistic payment plans. For more information on this, please read the letter sent out by OFSI: Reinforcing Prudent Residential Mortgage Risk Management
“OSFI Tightens Supervisory Expectations for Mortgage Underwriting”
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Our agents write often to give you the latest insights on owning a home or property in the local area.