OSFI Clarifies New Rental Income Rules: What It Means for Homeowners and Investors

OSFI Clarifies New Mortgage Qualification Rules: What It Really Means for You

The Office of the Superintendent of Financial Institutions (OSFI) released an important clarification last night that had many wondering what these new rules actually mean for mortgage qualification — especially for investors and those with multiple properties.

Here’s What We Now Know

• You can still use your job and rental income to qualify for new mortgages, even if you already own other properties.

• The key clarification: the same income can’t be reused to qualify for multiple mortgage

• The good news is this update doesn’t prevent most borrowers from qualifying — but it could affect the cost of borrowing for investment properties.

• Banks may now need to hold more capital for loans that rely heavily on rental income, which could translate into slightly higher rates for those types of mortgages.

What This Means Going Forward

For most borrowers, this clarification won’t change your ability to qualify for a mortgage. However, for investors or those purchasing additional rental properties, the cost of financing may rise modestly as lenders adjust to these new capital requirements.

As always, we’ll be watching closely as individual lenders interpret and implement these changes over the coming weeks.

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Emily Miszk

Mortgage Broker

BRX Mortgage FSRA #13463