e-4505 (Economy and finance)
- Keywords
- Bank of Canada
- Interest rates
- Mortgages
Original language of petition: English
Petition to the House of Commons
- 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.
- Open for signature
- July 10, 2023, at 11:29 a.m. (EDT)
- Closed for signature
- September 8, 2023, at 11:29 a.m. (EDT)