IMPORTANT: This could be your face if you were planning to buy or refinance in a couple of weeks. Impending mortgage rules are expected to be announced next month and they will impact 80% of the residential real estate market.
In July 2017, the Office of the Superintendent of Financial Institutions (OSFI) released draft changes to Guideline B-20 for public consultation. The B-20 Guideline establishes OSFI's expectations for prudent residential mortgage underwriting and is applicable to all federally regulated financial institutions. Public concerns could be addressed up to August 17, 2017.