The Senate banking committee yesterday questioned bankers’ sale of mortgages dubbed a “payment shock” for borrowers. An estimated $246 billion worth of mortgages were sold at variable rates with fixed payments.

Cabinet must “strengthen consumer protection and ensure financial institutions are offering safe mortgage products to Canadians and providing fair and reasonable relief measures to help those in financial distress,” the banking committee wrote in its Study On Housing Affordability Interim Findings. Senators recommended reforms be included in the 2024 federal budget.

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