Temporarily extending amortization periods has been a saving grace for many variable-rate mortgage holders as a way to manage the impact of higher interest rates and borrowing costs. But Canada’s banking regulator says that while the strategy may be attractive, it’s also “not without risk,” since it “keep[s] borrowers in debt longer and lead[s] to higher interest payments.” The comments were made by Tolga Yalkin, an assistant superintendent at the Office of the Superintendent of Financial Institutions (OSFI), on Thursday […] 

Temporarily extending amortization periods has been a saving grace for many variable-rate mortgage holders as a way to manage the impact of higher interest rates and borrowing costs. But Canada’s banking regulator says that while the strategy may be attractive, it’s also “not without risk,” since it “keep[s] borrowers in debt longer and lead[s] to higher interest payments.” The comments were made by Tolga Yalkin, an assistant superintendent at the Office of the Superintendent of Financial Institutions (OSFI), on Thursday  Mortgage Rates & Mortgage Broker News in Canada