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AGENT LICENSE ID
11031
BROKERAGE LICENSE ID
11031
Verico Equity Plus Mortgages Inc. Mortgage Brokerage

Verico Equity Plus Mortgages Inc.

Mortgage Brokerage


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Address:
13340 Lanoue St., Tecumseh, Ontario

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OSFI maintains Qualifying rate at mortgage contract rate plus 2 percent or 5.25 percent

12/17/2021

The Office of the Superintendent of Financial Institutions (OSFI) confirmed that the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus 2 percent or 5.25 percent.

In an environment characterized by increased household indebtedness and low interest rates, it is essential that lenders test their borrowers to ensure that mortgages can continue to be paid during more adverse conditions. This environment supports today’s decision to maintain the current minimum qualifying rate.

Mortgages are typically one of the largest exposures that banks carry on their balance sheets. Ensuring that borrowers can continue to repay their mortgage loans strongly contributes to the safety and soundness of Canada’s financial system.

OSFI reviews and communicates the minimum qualifying rate at least every December. Throughout the year, we will continue to monitor the appropriateness of the minimum qualifying rate and will make further adjustments, if conditions warrant.

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