The Government of Canada enters 2024 with a list of economic woes. Inflation has hit 7.5%, and the Bank of Canada has increased the interest rate to 7.5%. Many consumers who bought houses at sky high prices in 2021 cannot afford to renew their mortgages at the higher rates and the price of real estate is collapsing.

The PM sees the poll numbers and they are brutal. His Liberal government has limped along as a minority government since its election in 2021 and, with NDP support, is proposing that the federal government adopt the "Mortgages Crisis Act" (Bill C-500) which would, among other things, require all mortgage lenders to provide 6 months notice before enforcing a mortgage. This is inconsistent with provincial mortgage laws where almost every province only requires a 35-day notice.

Bill C- 500 further provides that all the chartered banks will be nationalized and converted into a single Crown Corporation, with all shareholders to receive 50% of the fair market value of their shares valued as of January 31, 2024, in the form of tax credits. The Crown Corporation will be given "such prescribed regulatory powers as necessary to provide fair relief to mortgage borrowers facing eviction" according to the draft Bill.

what laws are being broken?