OSFI head Peter Routledge speaks about about the year that was and the risks he sees just over the horizon. Find out more.
at a velocity we haven’t seen since 1980s. And so, we adapt. You will have seen how we adapted last couple of weeks with the domestic stability buffer and then the minimum qualifying for uninsured mortgages . It’s good practice for the next four or five years, that’s our mentality.
The first one is the impact of a higher cost of debt on borrowers in Canada. Whether that’s households or businesses, their debt levels relative to nominal GDP are very high by historic standards and relative to other G7 peers. And the cost of those debt levels increased appreciably. If you look at the
I would say so far, the financial system and businesses and households have proven quite resilient. The domestic stability buffer, I think, was an important part of that story. Not the only part that part of it, and so I’m not saying, ‘All clear,’ I’m not saying we’re through the tough part, I’m just saying that we’ve got resilience so far. If you would have told me a year ago today with perfect precision what was happening, I wouldn’t have said the base case is this good.
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