OSFI (Office of the Superintendent of Financial Institutions)
Quick Definition
Canada's federal regulator of banks, insurance companies, and mortgage rules.
Full Explanation
The Office of the Superintendent of Financial Institutions (OSFI) is Canada's federal financial regulatory agency overseeing banks, insurance companies, trust companies, and pension plans. OSFI introduced the B-20 mortgage underwriting guidelines in 2018, which include the mortgage stress test and minimum qualifying standards for all federally regulated lenders. OSFI's rules directly impact how much Canadians can borrow and from whom. OSFI also sets capital requirements for banks to ensure financial system stability.
Related Terms
Mortgage Stress Test
A Canadian requirement to qualify for a mortgage at a higher rate than the contract rate.
Mortgage
A secured loan used to purchase real estate, with the property as collateral.
CMHC (Canada Mortgage and Housing Corporation)
Federal Crown corporation that provides mortgage default insurance for high-ratio mortgages.
Bank of Canada
Canada's central bank, responsible for monetary policy and setting the overnight rate.
Ready to put this knowledge to use?
Use our free calculators to model your situation based on what you've just learned.