Government and Regulation

This is where you’ll find the latest on government programs, policies and regulations that impact the mortgage industry.

FSRA revokes licences from 29 brokerages

FSRA strips licences of 29 Ontario mortgage brokerages

April 17, 2024 No Comments

FSRA has revoked the licences of 29 brokers who did not appoint a principal broker, failed to file their 2021 Annual Information Return, or failed to do both.

Budget 2024 housing highlights: capital gains inclusion rate on secondary homes rises to 66.7%

April 16, 2024 No Comments

Housing was a key priority in today’s federal budget, though it came as no surprise given the array of housing-related policy announcements unveiled in recent weeks.

In federal budget, Ottawa looks to Canada Post land for building housing supply

April 16, 2024 No Comments

The federal government is eyeing underutilized Canada Post and National Defence properties as a way to deliver affordability and supply to the country’s housing market.

Feds commit to exploring CRA income verification in budget 2024 to address mortgage fraud

April 12, 2024 7 Comments

The federal government today confirmed plans to consult with the mortgage industry on developing income verification tools through the Canada Revenue Agency.

Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes

April 11, 2024 2 Comments

Advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain homebuyers.

BC tables legislation to introduce anti-flipping tax

B.C. government targets ‘profiteers’ with legislation to bring in 20% flipping tax

April 4, 2024 2 Comments

British Columbia has tabled legislation to enact a 20 per cent flipping tax on those who sell their home within the first year of ownership.

Cautious optimism for federal plan to let rent count toward credit scores

March 31, 2024 No Comments

The federal government’s commitment to have rent payments counted toward credit scores is being welcomed by companies that already offer the service, while renter advocates have raised concerns.

Are Ontario’s 2024 budget housing policies enough to address the supply crisis?

March 26, 2024 No Comments

As part of its $214.5 billion 2024 budget unveiled today, the Government of Ontario rolled out several housing initiatives aimed at increasing supply and facilitating the development of purpose-built rentals.

Relicensing deadline looms for thousands of Ontario brokers who have yet to complete requirements

March 25, 2024 2 Comments

With just days remaining, FSRA says thousands of Ontario agents and brokers still haven’t completed two education courses required to maintain their existing licences.

OSFI rejects Competition Bureau recommendation to drop mortgage stress test for lender switches

March 22, 2024 1 Comment

Canada’s banking regulator says it has no plans to remove the stress test on uninsured mortgages for borrowers who choose to switch lenders.

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