Canada & Ontario mortgage rule watch
See verified rules, programs and important dates without confusing a regulator’s role with an individual lender’s approval policy.
Find the answer from your problem
Choose one clear starting point. Narrow the results by status, topic or client type afterward.
Start here
Clear status labels prevent an announcement or proposal from being mistaken for a rule already in force.
Newest relevant date first
140 published items match this view. We prioritize the effective date, then the announcement or last-update date.
Yes, independent legal advice and a written co-ownership agreement are strongly advisable. The mortgage explains what the lender can demand; the co-ownership agreement explains how the owners intend to live, pay, decide, sell and…
Not automatically. The lender must agree to release the person, and it may require a fresh qualification, appraisal, legal documents or a refinance. Removing someone from title does not by itself remove them from…
No. A person who signs as a joint borrower is generally responsible for the unpaid mortgage balance, not merely the income shortfall used to qualify. The lender can look to the co-signer if the…
Yes. The new mortgage or sale cannot close cleanly until the lawyer can pay the secured debt and deal with the registered charge. Missing payout instructions, secured lines, penalties or lender processing time can…
Not necessarily. A lender may blend the existing rate with a new rate and extend the term, sometimes without collecting the penalty in cash. The economic cost may still be reflected in the blended…
No. Portability is a contractual option subject to lender approval, requalification, property acceptance, timing and amount rules. A portable mortgage can still create a penalty or financing gap.
Possibly. A permitted lump-sum payment may lower the balance used for the penalty, but the privilege, timing and penalty formula are contract-specific. Get written confirmation before moving money.
Many fixed closed mortgages charge the higher of three months’ interest or an interest-rate differential, while many variable closed mortgages use three months’ interest. The exact formula, comparison rate and discounts come from the…
Yes, if a closed mortgage is repaid before maturity and the contract permits a prepayment charge. Selling the property does not automatically remove the penalty. An open mortgage, an eligible port or a hardship…
The final cost can include a lender discharge or administration fee, legal or notarial work, land-registration charges and, if the mortgage is repaid early, a prepayment penalty. Ask for an itemized estimate before choosing…
No. Paying the balance brings the debt to zero, but the registered charge must still be formally discharged from title. Your lender, lawyer and land-registration process must complete that final step.
Contact the lawyer, Realtor and Rajiv immediately. Identify whether the delay is administrative, documentary, lender-related or a genuine financing failure before discussing an extension, bridge arrangement or emergency lender.
The lawyer needs the purchase documents, lender instructions, identification, insurance evidence and cleared client funds in time to complete the legal closing. Mortgage approval alone does not deliver the keys.
Plan for the lender to lend against the lower acceptable value, not automatically the purchase price. Before making the offer firm, understand the cash shortfall, reconsideration evidence, lender alternatives and the legal deadline.
Avoid unnecessary job changes, new credit, financed purchases, missed payments and unexplained money movements between approval and closing. If a change is unavoidable, tell Rajiv before acting so the effect can be tested.
No mortgage is guaranteed merely because the file is described as complete. “Lender-complete” should mean the stated lender conditions have been satisfied, but funding can still depend on no material changes, lawyer instructions, insurance,…
Treat them as three connected deadlines. The offer deposit is usually due under the purchase agreement, the lender needs an acceptable down-payment trail during underwriting, and the lawyer needs cleared closing funds before completion.
Yes. Borrower approval and property approval are separate. A lender or insurer may question value, condition, location, legal use, marketability, condo information or property type even when the buyer’s income and credit are strong.
How to read this centre
Sets laws, program requirements or prudential boundaries. FSRA regulates; it does not write every lender’s underwriting policy.
Applies only when the mortgage or client fits that insured product or program. It should not be generalized to every conventional deal.
Decides its own acceptable income, property, credit and exception policy inside the applicable rules.
Mortgage rule second opinion
Share the change you are concerned about, your timing and the client problem. Rajiv can help separate the confirmed rule from assumptions and identify questions worth exploring across A, alternative/B, MIC or private lending where appropriate.