December 11, 2015 / 2:41 PM / 2 years ago

Canada's OSFI to tighten capital requirements for mortgage loans

A construction worker works on a new house being built in a suburb located north of Toronto in Vaughan, Canada, June 29, 2015. REUTERS/Mark Blinch

OTTAWA (Reuters) - Canada’s financial system regulator said on Friday it is planning to tighten regulatory capital requirements for loans secured by residential mortgages, saying that risks in the country’s mortgage market continue to “evolve.”

Household debt continues to grow faster than income and prices in some markets are rising rapidly, the Office of the Superintendent of Financial Institutions (OSFI) said. OSFI said the planned changes, which it expects to have in place no later than 2017, will ensure capital requirements reflect underlying risks.

Reporting by Leah Schnurr; Editing by Chizu Nomiyama

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