OSFI to eliminate stress test for uninsured mortgage switches starting November 21
OSFI has confirmed that it will remove the requirement for lenders to apply the Minimum Qualifying Rate (MQR) to straight switches of uninsured mortgages.
Superintendent Peter Routledge confirmed that OSFI will formally announce this change on November 21, 2024, as part of the regulator’s quarterly release pilot, with the change coming into effect that same day.
