Posted 11/26/2023, 7:26:10 PM
Canadians Brace for Higher Mortgage Costs as Renewals Surge, Freeland Urges Bank Flexibility
- Millions of Canadians face mortgage renewals in next 18 months, with significantly higher payments expected
- Finance Minister Freeland introduced non-binding Canadian Mortgage Charter with guidelines for banks
- Charter includes ability to extend amortization periods and waive some fees to help homeowners
- Freeland believes banks will follow charter, though no enforcement mechanism
- Government focused on improving economy and lowering interest rates to ease pressure