Consultation on a proposed Guideline on existing consumer mortgage loans in exceptional circumstances

Current status: Closed

This consultation closed on May 5, 2023.


This proposed Guideline follows FCAC’s communication to industry published on October 11, 2022, regarding variable rate mortgage holders.

FCAC has been monitoring the financial well-being of Canadians and is concerned that some consumers are experiencing periods of severe financial stress due to exceptional circumstances, such as the current combined effect of high household indebtedness, the rapid increases in interest rates, the increased cost of living, and the COVID-19 pandemic. These exceptional circumstances may reduce some consumers’ ability to service their debts.

Given the challenges of the current economic environment for some Canadian homeowners with a mortgage, FCAC is proposing a guideline setting out its expectation that financial institutions offer relief measures to support consumers who are experiencing mortgage hardship.

The Guideline is intended to clarify FCAC’s expectations and standardize a common approach across FRFIs. It includes the expectation that FRFIs establish effective policies and procedures for providing support to consumers..

Next steps

FCAC will consider all comments received and may modify the proposed Guideline, where appropriate. FCAC plans to publish an anonymized summary of comments on once the final version of the Guideline is released.

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