The curious case of Ottawa’s housing bubble backstop

The cost of helping mortgage holders avoid the pain of higher interest rates will be borne by all consumers as the banks pass the cost along.

Finance Minister Chrystia Freeland says new Financial Consumer Agency of Canada rules are about ensuring the ‘support that banks and other financial institutions should be providing to Canadians who are struggling with rising mortgage payments.’The Hill Times photograph by Andrew Meade

Opinion

BY LES WHITTINGTON

July 19, 2023

OTTAWA—During the chaos of the United States’ financial collapse in 2008, the term “Too Big to Fail” rose to prominence as American authorities were forced to bail out major banks to avoid wider damage to the economy, even though Wall Street investment bankers had pr...

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