CDIC Mortgage Reporting Wording Update

Summary#

This is a small, technical change to the Canada Deposit Insurance Corporation Differential Premiums By-law made by the Canada Deposit Insurance Corporation (CDIC). It changes one line in the mortgage-reporting form so that the category reads "Individual condominium units" instead of "Condominium units" to match the Office of the Superintendent of Financial Institutions (OSFI) reporting labels. The by-law took effect on March 14, 2022.

What it does#

• Replaces the second paragraph under "Single Family Dwelling Properties Mortgage Loans" (item 8 of the reporting form in Part 2 of Schedule 2) with wording that tells institutions to add together the amounts for "Single detached" and "Individual condominium units" in the "Insured" and "Uninsured" columns under "Gross Mortgage Loans Outstanding", before deducting any allowance for expected credit losses.
• In practice, the main change is wording — swapping "Condominium units" for "Individual condominium units" to align with the OSFI Mortgage Loans Report.
• The by-law came into force on the day it was registered: March 14, 2022.

Who's affected#

• Primarily CDIC member institutions (banks, credit unions and other covered deposit-taking institutions) that complete the mortgage reporting form used by CDIC and OSFI.
• Regulators that use the reported data (mainly CDIC and OSFI).
• The change is administrative. It does not change premium calculations or add new costs.

Why it matters#

• It removes a potential source of confusion by matching the wording in CDIC's form to the wording used by OSFI.
• That helps ensure institutions report the same items consistently, so CDIC receives the data it expects.
• This is a routine, technical update with no new reporting burden or extra cost for businesses.