Finance committee  Also, in terms of the prudential underwriting standards that the Office of the Superintendent of Financial Institutions has put into place, I think that's another element, which is that the quality of the mortgages and the credit level of the borrower coming into the mortgage mar

Finance committee  Yes, from a financial system perspective, it could raise difficult issues if interest rates were to move to higher levels, certainly for those borrowers who currently have mortgages. I think you made a good point, which is that.... What Julie was trying to emphasize is that, for

Finance committee  We can take that back. We're happy to table anything we have that would be of use to the committee.

Finance committee  Thank you for the question. Yes, prudent underwriting standards mean that borrowers who become homeowners can withstand shocks—income shocks, interest rate shocks and personal issues that might arise in their family circumstances. The minimum qualifying rate, or the “stress test

Finance committee  I have just one point to make before my colleague Julie will have more to say. In terms of monitoring the situation of how actually these cases, these variable-rate mortgages...there will be an issue that is being managed with fixed-rate mortgages as well. With those mortgages

Finance committee  I'm not sure that I would colour-code it myself at this point. An entity that does is the Bank of Canada, so I point you to their “Financial System Review”. Yes, Canadian household debt and house price matters have been an important vulnerability to financial instability in Cana

Finance committee  What I can say is that monetary policy is an independent decision of the Governor of the Bank of Canada and the governing council. On all the other policies that are put in place, for example, decisions that the superintendent is taking around mortgage underwriting or capital req

Finance committee  Thank you for your question. I don't have any statistics for you today on changes in the use of that program, but it's probably a good question to ask CMHC.

Finance committee  Thank you for your question. You'd probably have to clarify the programs you're referring to.

Finance committee  Thank you for the question. That is something that's been asked over time and been looked into. I think there are some legal parameters around that, which might influence it. First off, though, I should say that there are 10-year products offered by some institutions. It's not t

Finance committee  In answer to that specific question, I believe arrears remain close to prepandemic levels. Matt or Julie, would you like to answer?

Finance committee  I do think, generally speaking, there are different internal policies across different institutions. Generally speaking, that is what we've heard, but I would like to caveat that with the fact that the institutions will be working with borrowers. If there were a hardship case in

Finance committee  I'm not sure we have that statistic with us today.

Finance committee  Yes. Just to kind of lean into this, generally speaking, the larger share of mortgage originations, new mortgage originations in Canada, is uninsured, so for a down payment, uninsured, you have to have a down payment of more than 20%.

Finance committee  These are detailed questions that we'd have to get back to you on. What I can say is that, for insured mortgages, investment properties are prohibited.