What this covers
Place: Lenders under federal rules in Canada
Time covered: Rule took effect on 21 November 2024
What this does not prove
OSFI sets these rules for banks under federal law. This change began on 21 November 2024. It covers some loans without mortgage insurance. Both lenders must be under federal rules. The loan amount and time to pay it back must not grow. The new lender still checks if the person can pay.
Read the source
Backgrounder: Minimum Qualifying Rate ↗
OSFI · 2024-11-21
Where to look: Overview and effective date
Fixes and updates
No fact has changed in this version. If we fix a claim, we will add the date and explain the change here and in our list of fixes.