In The News | June 30th, 2022Posted by Greg Dewar on
IN THE NEWS
A quick look at the stories that are affecting our local real estate market. [June 30th, 2022]
OSFI makes real estate loan changes aimed at reducing lender risk
June 28, 2022 - cambridgetoday.ca
Canada's banking regulator is tightening requirements for some types of real estate loans to protect homeowners who may be at greater risk from higher interest rates.
The Office of the Superintendent of Financial Institutions says changes affect combined loan plans like reverse mortgages or loans with shared equity features, which have grown in popularity in recent years but may be riskier for lenders.
For borrowers who owe more than 65 per cent of the loan value, a portion of their payment must to go toward the loan principal…
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