Canadian Mortgage Relief Measures Announced [Video]

#canadianrealestate #canadianeconomy #CanadianBanks

The Financial Consumer Agency of Canada (FCAC) has announced a number of mortgage relief measures, instructing the banks to help Canadians cope with the cost of rising interest rates. With the Bank of Canada having raised rates by 450bps over the past 18 months, and set to increase rates again, these measure are said to be aimed at helping Canadians pay for that higher cost of borrow.

Links:

Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances:

https://www.canada.ca/en/financial-consumer-agency/services/industry/commissioner-guidance/mortgage-loans-exceptional-circumstances.html

Watchdog unveils guidelines to support mortgage-holders under financial stress:

https://ca.finance.yahoo.com/news/watchdog-unveils-guidelines-support-mortgage-145040186.html

Federal watchdog proposes help for cash-strapped mortgage borrowers:

https://www.theglobeandmail.com/business/article-federal-government-mortgage-borrowers-relief/

Finance Minister Chrystia Freeland discusses rollout of grocery rebate – July 5, 2023:
https://www.youtube.com/watch?v=Awkw4fedP8I

Lenders now seeing 60-, 70-, even 90-year mortgages as Canadians struggle with rocketing interest rates:

https://www.thestar.com/business/2023/06/27/rising-mortgage-rates-fixed-payment-woes-some-homeowners-seeing-amortization-periods-skyrocketing.html?rf

One-fifth of CIBC mortgage borrowers seeing loan balances grow because of higher interest rates:

https://www.theglobeandmail.com/business/article-mortgage-negative-amortizations-cibc/

OSFI warns of risks from extended mortgage terms:

https://www.mpamag.com/ca/mortgage-industry/industry-trends/osfi-warns-of-risks-from-extended-mortgage-terms/442899

Mark Mitchell – Mortgage Broker London Ontario
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