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The most common home mortgage in Canada is the five-year fixed-rate closed mortgage, as opposed to the U.S. where the most common type is the 30-year fixed-rate open home mortgage. Throughout the monetary crisis and the occurring recession, Canada's home mortgage market continued to function well, partially due to the property home mortgage market's policy framework, that includes a reliable regulatory and supervisory regime that applies to a lot of loan providers.
In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) launched guidelines for home mortgage insurance suppliers aimed at tightening up requirements around underwriting and risk management. In a statement, the OSFI has mentioned that the standard will "offer clearness about best practices in regard of domestic home loan insurance underwriting, which add to a stable financial system." This comes after several years of federal government analysis over the CMHC, with previous Financing Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.
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