Home / Mortgages / Fewer banking fees, help for mortgage holders—here’s what new rules could mean for Canadians + MORE Oct 29th

Fewer banking fees, help for mortgage holders—here’s what new rules could mean for Canadians + MORE Oct 29th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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The lender panel is a perennial fan-favourite at the National Mortgage Conference and this year was no exception. The panel, featuring executives from four key mortgage lenders, covered a number of topics, including emerging trends and issues facing the industry.

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In a field traditionally dominated by men, a shift is underway within the offices of Canada’s mortgage and real estate industries. Women are now stepping into the limelight, assuming leadership roles and reshaping industry norms.

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On October 17, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced new affordability measures related to mortgages and banking, prepared in consultation with the Financial Consumer Agency of Canada (FCAC), a consumer watchdog organization that focuses on financial services. The package is the latest in a series of changes introduced by the federal government over the last two years, designed to assist Canadians struggling with inflation and the high cost of living.  

What is the Government of Canada proposing?

Minister Freeland’s proposal tackles four areas: mortgages, bank account fees, junk fees and dispute resolution. Junk fees include as the cost Canadians pay for non-sufficient funds (NSF), overdraft protection, debit transactions and Interac e-Transfers. Here’s how:

New mortgage guideline for banks

In early October, Minister Freeland met with the CEOs of Canada’s largest banks to discuss the government’s new mortgage guideline, issued by the FCAC, that asks banks to proactively assist Canadian mortgage-holders who are struggling with high mortgage rates…

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