Home Builder Canada Readers survey

PRODUCT FINDER

NP_lineHome Builder Magazine New Products Online
NP_line
Computers, Educational
&Technology

NP_line
Electrical & Mechanical
NP_line
Exteriors
NP_line
Finishes & Surfaces
NP_line
Kitchens & Baths
NP_line
Landscape & Design
NP_line
Speciality Products
NP_line
Structural
NP_line
Tools & Equipment
NP_line
Windows & Doors
NP_line
New Products home
NP_line

buyers guide button


External Links: Associations & Governments. Builders & Renovators . Manufacturers & Suppliers

Home . About Us . Subscribe . Advertise . Editorial Outline . Contact Us . Current Issue . Back Issues . Jon Eakes



© Copyright - Work-4 Projects Ltd.

Quebec credit unions toughen mortgage rules

March 29, 2018


Quebec credit unions are apparently preparing mortgage regulations that will mirror the stress test being applied to federally regulated banks.
Quebec’s securities watchdog, l’Autorité des marchés financiers (AMF), plans to harmonize the province’s guidelines for credit union mortgage lending with the new Office of the Superintendent of Financial Institutions (OFSI) B-20 mortgage rules.
Currently, as provincially regulated lenders, credits are exempt from the B-20 mortgage rules (the so-called stress test), though they have the option of following the same regulations.
Some credit unions, such as Mouvement Desjardins, have already voluntarily been applying OSFI’s new rules to all mortgage applications.
According to RateSpy, some credit unions are not requiring a stress test on new mortgage applications but are charging higher mortgage than what is available at the major banks.


 


homeBUILDERcanada.com | Home BUILDER Magazine | Canada's #1 Information Source for Residential Home Builders and Professional Renovators

HB house ad sub
Home Builder Magazine Ask Jon Eakes
Home Builder current issue