this post was submitted on 07 Jul 2023
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Canadian banks need to take steps to assist mortgage holders who are struggling to stay above water after a rapid spike in interest rates, according to new guidelines issued Wednesday.

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[–] Phil_in_here@lemmy.ca 6 points 2 years ago (1 children)

We need to treat primary residence mortgages like taxes. I get the increase in borrowing rates to prevent people from buying things to combat inflation, but it really doesn't help the cost of living crisis when you price having a place to live out of many Canadians' budgets.

[–] Chatotorix@lemmy.world 3 points 2 years ago

That's what I don't get. Can't they subsidize lower rates for mortgages on primary residences?