Eligible Mortgage Loan Regulations (SOR/2012-281)

Marginal note:Before June 1, 2021

10 A high ratio loan or low ratio loan is to be governed by these Regulations as they read on May 31, 2021 if, on any day before June 1, 2021,

• (a) the mortgage insurer received a mortgage or hypothecary insurance application in respect of the loan;

• (b) the lender made a legally binding commitment to make the loan to the borrower; or

• (c) the borrower entered into a legally binding agreement of purchase and sale in respect of the eligible residential property against which the loan is secured.

Marginal note:High ratio loans — August 1, 2024 to December 14, 2024

11 A high ratio loan is to be governed by these Regulations as they read on December 14, 2024 if the mortgage or hypothecary insurance application in respect of the loan was received on or after August 1, 2024 but before December 15, 2024.