Finance Minister Chrystia Freeland has announced that she is instructing the Financial Consumer Agency of Canada (FCAC) to take steps to increase access to no- and low-cost bank accounts for Canadians. This is part of a larger plan aimed at addressing the ongoing cost of living crisis.
“Charges can accumulate when it comes to online payments, debit transactions, e-transfers, or digital banking services — which have become essential for many Canadians,” said Freeland, highlighting the need for more affordable banking options.
In addition, the government is exploring measures to shift properties away from short-term rental markets like Airbnb and Vrbo and back to the long-term rental market. However, this is still in the early stages as most rental regulations fall under provincial and municipal jurisdictions.
Freeland’s announcement came after the B.C. government introduced legislation to regulate the short-term rental market more closely. The aim is to make more homes available for Canadians.
“We are exploring ways to make more homes available for Canadians, and short-term rentals are one of the areas we are focusing on,” stated Freeland.
“Estimates show that in Toronto, Montreal, and Vancouver alone, there could be up to 30,000 more available housing units,” Freeland revealed, hinting at future announcements.
Furthermore, Freeland has urged banks to inform Canadians renewing their mortgages about all available options, such as extensions, to alleviate the burden of increased interest rates.
In July, the FCAC issued guidelines to federally-regulated financial institutions, outlining how they should provide mortgage relief to struggling homeowners, including fee and penalty waivers.
The government is also exploring ways to reduce or eliminate certain bank fees that unfairly affect vulnerable individuals, with more details expected in the fall economic statement.
Lastly, Freeland announced that the Ombudsman for Banking Services and Investments will become Canada’s sole external complaints body for the banking sector.
— with files from Global News’ Craig Lord
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