The Office of the Superintendent of Financial Institutions (OSFI) has decided to end the stress test requirement for borrowers with uninsured mortgages when switching providers.
OSFI stated that the policy change follows feedback indicating an 'imbalance between insured and uninsured mortgagors' during mortgage renewals, thus easing the process for borrowers.
According to the OSFI, data shows the risks the stress test aimed to address 'have not significantly materialized', prompting the removal of this requirement.
The change will be officially announced in late November after consultations with financial institutions to ensure a smooth transition for the industry.
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