It would certainly add costs to the mortgage market, which would, of course, get downloaded eventually to customers. I think the credit unions, being very small institutions, have less ability to absorb any of the costs and less ability to raise funds on the open markets. Therefore, they would be more impacted. If we are not able to securitize our mortgage loans, that means we would not be able to refinance existing mortgages, and that would impact Canadians.
On October 27th, 2016. See this statement in context.