Canada’s main banking regulator has directed lenders to hold more capital against mortgages that have seen their repayment terms extend beyond the original terms due to the record pace of interest rate hikes, to contain risks building in the system.
“We believe these incremental changes add additional resilience to Canada’s financial system,” Superintendent Peter Routledge said. Among the top six banks, Bank of Montreal, Canadian Imperial Bank of Commerce, Royal Bank of Canada and Toronto Dominion offer fixed-payment variable rate mortgage options. Bank of Nova Scotia and National Bank of Canada’s variable-rate offerings have payments that adjust upward with rates.
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