The federal government’s Office of the Superintendent of Financial Institutions (OSFI) is planning to bring in new rules that will make it even more difficult to get a mortgage.

The proposed rules would require borrowers with a down payment of 20 per cent or more to be approved at two per cent above the mortgage rate offered by their lender.

Previously only high ratio mortgages with down payments of less than 20 per cent required this restrictive condition.

REALTORS® are concerned this measure will:

  • prevent potential home buyers from entering the market;
  • drive home buyers into less suitable housing; or
  • force home buyers to visit sub-prime lenders that are not federally regulated.


This is your opportunity to let your Member of Parliament (MP) and the federal Minister of Finance know you oppose the imposition of further onerous mortgage rules.

Read about the OSFI proposed mortgage rule changes.

Tell your MP

Here is a letter you can send to your MP and the Minister of Finance if you agree these new rules shouldn’t be implemented.