New poll shows majority of Canadians oppose banks profiting off mortgage deferrals
A new poll commissioned by BCGEU, NUPGE, and North99 shows that Canadians are overwhelmingly opposed to the mortgage deferral program set up by Canada’s biggest banks.
Currently, the only assistance to homeowners in Canada is a mortgage deferral program offered by the “Big Six”. This program, however, has quickly come under fire for allowing banks to profit off what was initially marketed as relief.
Reports have emerged that show the mortgage deferrals could end up costing you thousands more as banks continue to charge interest. The deferrals could also end up increasing monthly payments and ruining credit scores for those who apply.
The poll asked respondents whether Canadian banks should be permitted to continue charging interest on homeowners seeking mortgage deferrals. 64 percent of Canadians were opposed to this practice, while 28 percent believed it was warranted.
Opposition to the practice was strongest among women (69%), Canadians aged 55 and over (70%), and residents of Manitoba and Saskatchewan (72%). A majority of Canadians of all political leanings – Liberal (62%), Conservative (63%), and NDP (77%) – were all opposed to bank’s charging interest on mortgage deferrals.