Consultation on the Proposal to Consolidate Canada Mortgage Bonds

Current status: Closed

As part of Budget 2023, the government announced that it is considering consolidating Canada Mortgage Bonds (CMBs) into the regular Government of Canada (GoC) borrowing program. The consultation sought views and feedback from interested parties on the possible impacts on market participants and potential benefits from the consolidation of CMBs, as well as how best to proceed with consolidation, should the government choose to move forward.

This engagement process gave all interested members of the public the opportunity to provide input on this topic. The consultation ran from June 6, 2023, to July 14, 2023. Thank you to everyone who participated.

Key questions for consideration

This consultation paper, which served as the basis for this consultation, outlines the objectives and key considerations on the proposal to consolidate CMBs. The consultation sought views on the following:

What's next?

Following these consultations, the government will take time to assess all the feedback received. The comments received will be used to guide policy decisions on the proposal to consolidate CMBs within the regular GoC borrowing program. As announced in Budget 2023, the government intends to provide an update on this matter in the fall of 2023.

The government recognizes the importance of providing transparency and forward guidance to market participants with respect to the CMB program and ensuring that stable access to mortgage financing is not disrupted. While the government continues to assess the benefits and risks associated with the proposal, should the government decide to announce changes to the CMB program in the fall, changes to the program would be undertaken no earlier than the beginning of fiscal year 2024-25 (April 1, 2024).

While this formal consultation has now concluded, Canadians are welcome to share their ideas and comments with the Department of Finance at any time, by emailing

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