Canada’s financial regulator says that mortgage insurance firms need to bolster their defenses against the risk of defaults due to the high price of homes compared to incomes.

The Office of the Superintendent of Financial Institutions released draft proposals Friday setting out a framework for federally regulated mortgage insurers that is more risk sensitive and ensure that capital requirements keep up with the housing market.

“When house prices are high relative to borrower incomes, the new framework will require that more capital be set aside,” said Superintendent Jeremy Rudin. “Ultimately this will continue to provide a level of protection to both policyholders and unsecured creditors.”

OFSI is inviting comments on its proposals until October 21, 2016.

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