The Bank of Canada has made strategic adjustments in lending to foreign buyers.

Previously, there was a lot of news about Canadian banks restricting loans to foreign buyers. As for the truth of the matter, I have also consulted various sources before, and the conclusion is that loans are given to foreign buyers. Experts believe that banks may have some strategic tightening and adjustment, rather than the rumored closure: foreign buyers can't lend to Canadian banks? Is the bank going to cancel the new immigrant loan? In fact, on September 26th, according to the Globe and Mail, the Bank of Nova Scotia revised the income proof requirements for overseas buyers when applying for loans from 2 1, and suspended the income audit for high down payment buyers? Pilot project? All applicants for housing loans must provide standard proof of income. The new policy points out that overseas buyers do not need to provide proof of income before paying a large down payment.

The Bank of Montreal stipulates that from September 26th, all new immigrants and non-residents applying for loans must provide proof of assets and income sources. At the Bank of Montreal, foreign customers with a minimum down payment of 35% can borrow 2 million Canadian dollars. After the revision of the regulations, it is now reduced to 6.5438+0 million Canadian dollars. The Globe and Mail said that since April this year, Manyin has stopped lending to foreign students.

In addition to these two banks, other big banks have followed suit. Louis Vachon, CEO of National Bank of Canada, also called for stricter requirements and higher down payment ratio. Royal Bank of Canada issued a statement on September 14, saying that overseas buyers need proof of income and other assessments provided by employers or companies. And those new immigrants who have no jobs must pay a down payment of 35%, at least 12 months' proof of loan payment.

However, the loan application page on the website of Canadian Imperial Commercial Bank (CIBI) remained unchanged on September 26th, and the proportion of new immigrants and non-residents remained at 35%.

Earlier this month, The Globe and Mail reported that some Canadian banks allowed overseas buyers, including international students, to borrow money from banks to buy houses without Canadian credit records and income certificates. Some observers believe that overseas buyers often apply for loans with large down payment, but rarely provide proof of income. This is a factor that leads to the rise of house prices and increases the risk of the collapse of the property market. Some banks themselves have expressed concern about the cooling of the real estate market in some parts of Canada.

On September 23rd, OSFI, Canada's major banking regulator, published a draft for public comment, which will force mortgage insurance companies to combine other risk attributes, including the borrower's credit score and outstanding loan balance, when deciding to reserve funds to pay loans, and leave enough time to repay mortgage loans.

OSFI Supervision Office issued guidelines on July 7th this year, requiring Canadian banks to strictly implement the mortgage policy and carefully examine the legitimacy of applicants' income sources, especially in Vancouver and Toronto, two cities where housing prices are overheated and rising too fast.

Daniel Lauzon, head of the Canadian Ministry of Finance, said on September 16 that the government's new operating rules and regulations on mortgage loans for banks will be announced on June 10+08, and it is expected that more financial and real estate market management reforms will be released in the future. Banks and mortgage institutions with accounting year of 65438+1 0.31will implement the New Deal from this year's 65438+/kloc-0.0/; Banks and mortgage institutions with a fiscal year of 65438+February 3 1 will be implemented from 2065438+July 65438+1 October1.

This will be the fifth time that Canada has tightened the government-supported housing mortgage policy since 2008. As a federal regulator, OSFI's new mortgage policy will affect buyers all over Canada. The government's policy of tightening housing mortgage loans aims to maintain the stability of the real estate market and curb the risks brought by excessive financing.