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The most typical home loan in Canada is the five-year fixed-rate closed home mortgage, as opposed to the U.S. where the most common type is the 30-year fixed-rate open mortgage. Throughout the monetary crisis and the taking place economic crisis, Canada's home mortgage market continued to function well, partly due to the residential mortgage market's policy structure, that includes an effective regulative and supervisory program that applies to many lending institutions.
In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) released standards for home loan insurance providers focused on tightening up requirements around underwriting and threat management. In a statement, the OSFI has actually specified that the guideline will "provide clarity about finest practices in regard of residential mortgage insurance coverage underwriting, which add to a stable financial system." This comes after several years of federal government scrutiny over the CMHC, with previous Financing Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.
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