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The most typical home loan in Canada is the five-year fixed-rate closed home mortgage, rather than the U.S. where the most typical type is the 30-year fixed-rate open home mortgage. Throughout the monetary crisis and the taking place economic crisis, Canada's home loan market continued to work well, partially due to the residential home mortgage market's policy structure, that includes an effective regulative and supervisory regime that uses to many lenders.
In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) released guidelines for home mortgage insurance providers intended at tightening up requirements around underwriting and risk management. In a statement, the OSFI has specified that the standard will "provide clearness about finest practices in respect of property mortgage insurance coverage underwriting, which contribute to a stable financial system." This follows a number of years of federal government examination over the CMHC, with former Finance Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.
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