People all across the country have been taking to social media to express their frustration with the mortgage deferral program that was meant to aid struggling homeowners. As details emerged about the program, it became clear that the relief was based on higher payments and interest in the future. To put simply, Canada’s big banks will be turning a profit on what many thought to be a goodwill gesture.

Anthony Grande, a small business owner, compared the deferrals to “vulture banking.” He told the Toronto Star that profiting off a program marketed as relief was “especially egregious and underhanded.” He is not alone either.

Many Canadians echo this sentiment about the deferral program and have called on the federal government to intervene.

There is widespread outrage that banks – that have made tens of billions of profits in recent years – would choose to capitalize on a pandemic to increase their bottom line. Especially considering that these deferrals were contingent on the federal government agreeing to purchase $50 billion of insured mortgage pools.


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