Absolutely.
I want to start where you started, Julie. Canadians are really concerned about inflation and interest rates. That's why I started with good news: For two months in a row, in January and February, inflation has been within the Bank of Canada's target range. That is so important, because interest rates are really high. As inflation stabilizes in the Bank of Canada's target range, that can create conditions that make it possible for rates to come down. That's why I emphasized that. I know so many people are anxious.
The mortgage charter is in place to give people some certainty, some relief, in knowing what they can count on when they talk to their financial institution about renewing their mortgage. One of the things people need to know is that they can talk to their financial institution about a commitment that they do not need to requalify if they are an insured mortgage holder under the insured minimum qualifying rate. They can switch lenders. That gives them more options and more opportunities. Mortgage providers also have to waive fees and costs that would otherwise be charged for relief measures.
I really urge Canadians to have those conversations with their financial institutions. The mortgage charter requires them to be supportive of the needs of people who have their mortgages and who are challenged in this high interest rate environment.