House Standing Committee on Finance (February 13, 2024) ISSUE: Consumer info on mortgages & national ad campaign on housing & mortgage financing
Key points – Consumer information
As part of its commitment to strengthening financial literacy, FCAC provides unbiased and fact-based information to help consumers make informed financial decisions. This includes timely and relevant information on new and emerging issues such as mortgage relief options and the risks of fixed payment, variable rate mortgages.
Based on the Mortgage Guideline, FCAC added new plain-language information for consumers on Canada.ca to inform them about possible mortgage relief options available if they are experiencing financial difficulties.
An information box at the top of this page warns mortgage holders that extended amortization periods will cost more in the long run because of interest.
FCAC’s web content about interest on mortgages was recently updated to explain the risks of variable rate mortgages with fixed payments. Consumers with these products are advised to contact their financial institution as soon as possible to discuss options.
FCAC also offers a suite of online tools including a mortgage calculator, a budget planner and financial goal calculator. These are free, unbiased tools to help Canadians who are looking to buy a home, renew their mortgage, or pay down debt.
Key points – Advertising campaign
FCAC has launched a national ad campaign (January 15 to March 31, 2024) with a focus on helping Canadians manage their money and navigate the financial marketplace as they consider their home and mortgage finances in financially challenging times.
The campaign will promote FCAC tools and resources related to financing and paying for a home to help consumers make informed decisions, including mortgage relief options.
The primary topics covered: Choosing and Renewing a mortgage / Buying a home / Managing home finance (for mortgage holders and renters).
The campaign provides Canadians with unbiased information and practical tools and resources to help them make informed financial decisions about renting or buying a home, as well as managing mortgages.
Quick facts
Target audiences:
Mortgage holders with high debt burdens
Canadians considering buying a home
Renters (includes vulnerable groups: low-income households, recent immigrants, members of visible minority groups, and Indigenous Canadians)
Media mix: radio, out-of-home (signage in Vancouver, Edmonton, Toronto, Calgary, Ottawa, and Montreal), digital displays, social media and search engine marketing.
