CDIC mortgage reporting wording change

Summary#

This is a short, technical change to the Canada Deposit Insurance Corporation Differential Premiums By-law published in the Canada Gazette on October 16, 2021. It changes one wording in a mortgage-reporting form so the CDIC gets data that matches the Office of the Superintendent of Financial Institutions’ Mortgage Loans Report.

What it does#

• Replaces the phrase “Condominium units” with “Individual condominium units” in the mortgage reporting form used under the by-law.
• Aligns the by-law’s reporting language with the reporting fields used by OSFI so member institutions report the same categories in both reports.
• The Canada Gazette notice invited comments for 30 days after publication (October 16, 2021). The text also says the by-law comes into force when it is registered and that it is expected to apply for the 2022 premium year.

Who's affected#

• Canada Deposit Insurance Corporation member institutions — for example banks, federally regulated credit unions and other federally regulated deposit takers — are the ones who fill in the Mortgage Loans Report and the CDIC reporting form.
• The change is technical. The notice says it does not add new costs or administrative burdens. If it is unclear whether a specific institution is a CDIC member, the source does not say.

Why it matters#

• The change reduces a small source of confusion between two official reports. That helps the CDIC get consistent mortgage data across filings.
• It does not change insurance coverage, premiums, or impose new reporting work, according to the notice. It is mainly about clearer wording so institutions and regulators use the same categories.