CBC ~ November 26th, 2023

Finance Minister Chrystia Freeland expects banks will follow a new series of rules and guidelines designed to protect Canadian homeowners, millions of whom are set to renegotiate loans at potentially higher rates.

“The thing that I hear the most right now is people are concerned about interest rates, especially people who have mortgages and are concerned about the renewal of their mortgages,” Freeland said in an interview airing Sunday on Rosemary Barton Live.

“And I think that is very understandable,” she told CBC’s chief political correspondent Rosemary Barton.

A report released by Royal LePage suggests over three million Canadians are facing mortgage renewals in the next 18 months. Many can expect significantly higher monthly payments as a result.

That’s causing anxiety among homeowners, some of whom told CBC News they expect to make significant lifestyle changes to accommodate the higher cost.

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