Regulator says proposals should encourage banks to reduce the number of mortgages that would go into negative amortization
The FCAC said it would monitor financial institutions' level of compliance with the new expectations
Poorer households hit harder by economic and financial conditions
At RBC, one-quarter of customers use points for mortgage, credit card payments
Rating agency revises forecast for housing market in Canada, among others
Credit card balances rise as mortgage growth slows
Higher inflation and debt payments are exceeding income growth
Non-mortgage debt ground to a halt in March while mortgage growth was stable
Rent and mortgage costs led to the first increase in the annual rate since it peaked at 8.1% in June 2022
Deal resolves claims over mortgage prepayment charges