Statement by the Deputy Prime Minister and Minister of Finance on the Canadian housing market 

December 15, 2022 - Ottawa, Ontario - Department of Finance Canada

Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that it is maintaining the minimum qualifying rate for uninsured mortgages at its current level. This rate came into effect on June 1, 2021, and was reaffirmed on December 17, 2021.

Following this announcement, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, issued the following statement:

“Today, like the Superintendent of Financial Institutions, the federal government is maintaining the minimum qualifying rate for insured mortgages. It remains as the greater of the borrower’s mortgage contract rate plus a buffer of 2 per cent, or a floor of 5.25 per cent.

“Maintaining the minimum qualifying rate supports prudent underwriting standards for insured mortgages and builds in a buffer for home buyers in case of changing economic or personal circumstances.

“Ensuring the stability of Canada’s housing market is essential to protecting Canadians and to upholding Canada’s financial and economic resilience.

“We will continue to monitor the housing market and review the insured minimum qualifying rate as warranted.

“Our government believes that everyone should have a safe and affordable place to call home, and we will continue the ongoing work on our comprehensive plan to build more homes and make housing more affordable across the country.”

Quick facts

• On May 20, 2021, the Office of the Superintendent of Financial Institutions announced that it was launching a new process to review and communicate the qualifying rate at a minimum, annually, every December. This timing is set well in advance of the high-volume spring housing market.
• Today marks the second, regular December review led by OSFI.

Associated links

• Statement by the Deputy Prime Minister and Minister of Finance on the Canadian housing market (December 17, 2021)
• Statement by the Deputy Prime Minister and Minister of Finance on the Canadian housing market (May 20,2021)
• Backgrounder: Making Housing More Affordable (November 3, 2022)