Last week, OSFI threw mortgage advisors for a loop with this guidance at its "Industry Day":
"For borrowers with multiple mortgages, the income used for the borrower income criterion should not include income used to validate the borrower's ability to service mortgages on other properties."
Even the general public is talking about it. See this → Reddit thread.
Shortly after OSFI's comments, our inbox lit up with reader questions like:
Does this mean that none of the borrower's income whatsoever can be used to qualify for a subsequent mortgage on an income-producing property (a.k.a. non-owner-occupied rental), if that borrower already has a primary residence mortgage?
We promptly contacted the regulator (nine days ago) and received the final details today. Here's what we can tell you.
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