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The most common home loan in Canada is the five-year fixed-rate closed home loan, instead of the U.S. where the most typical type is the 30-year fixed-rate open mortgage. Throughout the monetary crisis and the taking place economic crisis, Canada's home loan market continued to work well, partly due to the domestic mortgage market's policy framework, which consists of an efficient regulatory and supervisory regime that uses to many loan providers.
In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) released standards for home mortgage insurance suppliers focused on tightening requirements around underwriting and danger management. In a declaration, the OSFI has actually specified that the standard will "offer clearness about finest practices in respect of property home loan insurance coverage underwriting, which contribute to a steady financial system." This follows several years of federal government examination over the CMHC, with former Financing Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.
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