Senator Gold, in her Fall Economic Statement, Minister Freeland announced a new Canadian Mortgage Charter, which she describes as helping to protect Canadians who are struggling with their mortgage payments at a time of higher interest rates. This charter details the tailored mortgage relief that Canadians can expect from their banks if they are in financial difficulty. However, the CBC reported that the charter is not a law but rather a list of rules and expectations. The Financial Consumer Agency of Canada already developed guidelines for those struggling with mortgage payments due to exceptional circumstances.

How will the government implement or enforce this charter? How will it impact the work financial institutions are already doing to help mortgage holders?

Thank you for the response. Although our banks are already actively engaged with borrowers, I appreciate the charter may offer some additional guidance for mortgage holders who may be facing financial hardships. What role, if any, will the government have in determining who is considered a vulnerable borrower or mortgage holder at risk? How does the federal government expect to monitor the banks’ implementation of and compliance with mortgage relief measures?