Published:The possibility of a housing market downtown poses the greatest risk to Canada’s financial system over the coming year.Annual Risk Outlook for 2023-2024“The financial system is adjusting to a higher interest rate environment. Given the rapidity at which interest rates globally have increased, the risk has grown that such an adjustment may not be completely smooth,” OSFI said. “This phenomenon places a premium on Canada’s notable financial system resiliency.
In response to the risk, OFSI is ensuring that federally regulated financial institutions’ risk management practices are responsive to changing market conditions, and that the lending standards are aligned with Guideline B-20, which outlines residential mortgage underwriting practices.considering introducing new debt serviceability measures
Commercial real estate was also deemed a substantial risk, with construction and development and office assets facing the highest degree of uncertainty. High inflation, potential rise of borrower defaults, and ongoing supply chain issues will put pressure on the former, while hybrid work arrangements and reduced staffing levels will affect demand of the latter.
France Dernières Nouvelles, France Actualités
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