 Throughout the financial crisis and the ensuing recession, Canada's mortgage market continued to function well, partly due to the residential mortgage market's policy framework, which includes an effective regulatory and supervisory regime that applies to most lenders.Since the crisis, however, the low interest rate environment that has arisen has contributed to a significant increase in mortgage debt in the country.In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) released guidelines for mortgage insurance providers aimed at tightening standards around underwriting and risk management.