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ARTICLE · 25 APRIL 2024

The Canadian Mortgage Charter: A 2024 Uplift

Gowling WLG
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In the 2023 Fall Economic Statement, the Government of Canada announced the Canadian Mortgage Charter ("Charter"), which requires federally regulated financial institutions...

CanadaFinance and Banking
Clement Stacey
Clement Stacey
Katie Ross
Katie Ross
Alana Scotchmer
Alana Scotchmer
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In the 2023 Fall Economic Statement, the Government of Canada announced the Canadian Mortgage Charter ("Charter"), which requires federally regulated financial institutions ("FRFIs") to follow certain principles when engaging in mortgage lending. The federal government's Budget 2024, further enhances the Charter and gears it towards aiding renters and assisting young people.1

It is estimated that, in 2024 and 2025, 2.2 million Canadian households, representing over $675 billion worth of Canadian mortgages held by the country's chartered banks will come up for mortgage renewal.2 On April 10, 2024, the Bank of Canada announced it will be holding its key interest rate at five per cent for the sixth time in a row since July. As the future of mortgage rates remain uncertain, lenders must be prepared to make available a variety of mortgage relief options to help borrowers potentially facing an interest rate shock.

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