More good news on mortgages

The Toronto Regional Real Estate Board (TRREB) commends the Office of the Superintendent of Financial Institutions (OSFI) for its recent decision to eliminate the mortgage stress test requirement for uninsured borrowers switching lenders at renewal. This change is a significant step forward in ensuring that all Canadian homeowners, regardless of whether their mortgages are insured or uninsured, have access to competitive mortgage products and rates.
By removing this barrier, OSFI has levelled the playing field and empowered homeowners to explore the best possible financial options without the added burden of requalification under stringent stress test conditions.
This decision will provide much-needed relief to many homeowners, particularly in today’s challenging economic environment of high interest rates and increasing household expenses. It will enable borrowers to take advantage of competitive rates and terms, fostering a more dynamic and consumer-friendly mortgage market. It will increase competition among lenders to the benefit of homeowners.