Subscribe to RSS Feed
e-4505 (Economy and finance)
- Keywords
- Bank of Canada
- Interest rates
- Mortgages
E-petition
Initiated by Adam Sale from Vancouver, British Columbia
Original language of petition: English
Petition to the House of Commons
Whereas:
- Bank of Canada's rate increases are causing lower income families, and middle class, to tap into their safety-savings to support their housing needs unless government intervenes and caps interest rate hikes;
- The Canadian Government did little to warn Canadians of how high interest rates could rise. Instead, they continued to issue bonds to keep rates at artificially low levels for longer than what was needed, further exacerbating the rate increases and the war on inflation; and
- The Bank of Canada's rate increases have caused mortgage payments to increase far above the stress-test of 5.25%, used by the banks in 2022.
We, the undersigned, citizens and residents of Canada, call upon the Government of Canada to put a cap on the Bank of Canada's rate increases to provide homeowners with some relief and certainty regarding their future mortgage payments.
- Open for signature
- July 10, 2023, at 11:29 a.m. (EDT)
- Closed for signature
- September 8, 2023, at 11:29 a.m. (EDT)
