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.
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Clear status labels prevent an announcement or proposal from being mistaken for a rule already in force.
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47 published items match this view. We prioritize the effective date, then the announcement or last-update date.
Usually not. Standard coverage and optional water endorsements vary, and overland flood and sewer backup are distinct risks. A policy may cover one, both, neither or impose different deductibles and limits based on the…
No. Home insurance covers specified damage or loss involving the property and belongings. Mortgage default insurance protects the mortgage lender if the borrower defaults and the sale proceeds do not fully repay the insured…
Usually not until authority, ownership and the lender’s requirements are clear. A will names an executor, but an estate certificate may still be needed to prove authority to deal with land or obtain financing.
Not automatically. Moving out does not by itself change registered title, release a borrower from the mortgage or settle the married spouses’ matrimonial-home rights. Written agreements, lender approval and registered documents may all be…
A rent deposit is generally limited to the lesser of one month’s rent and one rental period. It must be used for the last rental period, and the landlord generally owes annual interest at…
No. Tarion deposit protection applies only in specified circumstances and up to applicable limits. It should never be described as unlimited insurance for every deposit, upgrade payment or contract dispute.
OSFI says federally regulated lenders are not expected to apply the minimum qualifying rate when an uninsured mortgage switches at renewal with no increase to the loan amount or amortization. The new lender still…
Do not do it without independent legal advice. FCAC warns that foreclosure-rescue fraud can involve persuading a distressed homeowner to transfer title in exchange for a loan, after which the fraudster may resell or…
Yes. CRA can register a lien or charge against property to secure an unpaid tax debt and may seize or force a sale. A registered claim must be addressed in the title, payout and…
For most municipal land, a tax-arrears certificate may be registered when arrears remain on January 1 of the third year after the taxes became owing. If the cancellation price is not paid within one…
A properly preserved condominium lien has statutory priority over most registered and unregistered encumbrances, subject to the Act’s exceptions. That priority is why a mortgage lender may act quickly when notified of condo arrears.
The condominium corporation has a statutory lien when an owner defaults on common expenses. The lien expires three months after the default unless the corporation registers a certificate of lien within that period.
Sale money is applied in the legal priority order: enforcement expenses, the selling mortgage debt and later entitled claims, with any residue going to the mortgagor. If proceeds are insufficient, the borrower may still…
Sometimes arrears and enforceable costs can reinstate the mortgage, but not always. If the debt has matured, been accelerated or reached a later enforcement stage, the lender may require the full redemption amount. Obtain…
Ontario law requires notice to specified people with registered or protected interests, including the mortgagor and certain later interest holders. A second mortgage holder may respond to protect its security, so the borrower should…
No. Ontario’s Mortgages Act contains different routes. A contractual power of sale commonly uses the Part III notice framework, while the statutory power in Part II provides for 45 days’ notice. The mortgage, notice…
No, the home is not normally sold the day a payment is missed. But a missed payment can be a mortgage default, allowing the lender to start collection and eventually enforcement under the mortgage…
Calling a repayable family advance a gift can create underwriting, legal and relationship problems later.
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.
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