Canadian Mortgage Advisor
8-8 Strathearn Avenue
Greater Toronto Area , ON , L6T 4L9 Canada

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Helping GTA Homeowners find a mortgage that is right for them
Call Us: 1-416-930-1225

Mortgage Industry is heavily regulated in Canada.

There are number of federal and provincial legislations in effect to control and monitor the mortgage lending industry in Canada. This page lists a few of them.

Mortgage Related Laws in Canada

Canadian Interest Act – This Act defines lending in Canada. This regulation is one of the reasons that a mortgage of more than 5 years term is not widely available here in Canada.

The above law states that:

Whenever any principal money or interest secured by mortgage on real property or hypothec on immovables is not, under the terms of the mortgage or hypothec, payable until a time more than five years after the date of the mortgage or hypothec, then, if at any time after the expiration of the five years, any person liable to pay, or entitled to pay in order to redeem the mortgage, or to extinguish the hypothec, tenders or pays, to the person entitled to receive the money, the amount due for principal money and interest to the time of payment, as calculated under sections 6 to 9, together with three months further interest in lieu of notice, no further interest shall be chargeable, payable or recoverable at any time after the payment on the principal money or interest due under the mortgage or hypothec.

National Housing Act -This law is for boosting the new home construction, the renovation of older homes. This law also tries to provide Canadians with better options for living standards.
Canada Mortgage and Housing Corporation Act – Act defining the bounds and mandates of CMHC. Also there has been a very recent development in Canadian mortgage lending law to put a cap on the rate of expansion of the real-estate industry.

Other Bodies governing this sector

Ontario – Financial Services Commission of Ontario
British Columbia – Financial Institutions Commission
Alberta – Real Estate Council of Alberta
Canadian Institute of Mortgage Brokers and Lenders (CIMBL)

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About Us

Sudip Adhikari.
Agent License #M10001082
Broker Mortgage Diligent -
Head Office -1305 Matheson Blvd East, Mississauga, ON L4W 1R1
FSCO #10252 O.A.C , E&OE

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