Reading some of the reactions to OSFI's mortgage proposals yesterday, a layperson might think the regulator just launched an ICBM on housing. But there's no bomb shelter required. If there's one thing we've learned from reporting on macroprudential changes over the last

Canada's banking regulator proposes to purge higher-risk borrowers from the mortgage market. OSFI says it's worried about banks being "exposed to heightened risks" from record indebtedness, potential recession and multi-decade highs in interest rates. Encouraging lower indebtedness "reduces the probability of borrower default