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The most typical home mortgage in Canada is the five-year fixed-rate closed mortgage, as opposed to the U.S. where the most typical type is the 30-year fixed-rate open home loan. Throughout the financial crisis and the ensuing recession, Canada's mortgage market continued to work well, partially due to the domestic home loan market's policy framework, that includes a reliable regulative and supervisory program that uses to many loan providers.
In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) released standards for home mortgage insurance coverage suppliers aimed at tightening up requirements around underwriting and danger management. In a declaration, the OSFI has actually specified that the standard will "offer clearness about best practices in regard of residential home mortgage insurance coverage underwriting, which add to a stable financial system." This comes after numerous years of federal government scrutiny over the CMHC, with former Financing Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.
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