Canada's banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), has been more conservative than banking regulators in other countries, which is attributed to the lower leverage of Canadian banks and is one reason why Canada did not have a housing bubble and banking crisis in 2008.

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The statement is true. The OSFI has been known for its conservative approach, and Canadian banks have historically maintained lower leverage ratios compared to their counterparts in other countries. This has been attributed to Canada's relatively stable banking system and its ability to weather the global financial crisis of 2008 without a major banking crisis.

Canada's Banking Regulator, the Office of the Superintendent of Financial