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Canada's banking watchdog sets new rules for mortgage lending
October 17, 2017 / 12:18 PM / a month ago

Canada's banking watchdog sets new rules for mortgage lending

TORONTO, Oct 17 (Reuters) - Canada’s banking watchdog said on Tuesday it will introduce new rules on mortgage lending next year, requiring stress tests on uninsured mortgages and cutting out practices designed to circumvent lending limits.

The Office of the Superintendent of Financial Institutions had initially proposed the new rules in July and has since been consulting with the industry and other stakeholders. The new rules will come into effect on Jan. 1, 2018. (Reporting by Matt Scuffham)

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