Let's say they have a $2-million or $3-million locked mortgage at a rate of 2.3% or 4%. Given the rates today, they could possibly replace that money fairly easily. But unless they're told to do so, they figure they're locked in and they can't.
My question is, if CMHC were given the green light to allow for the closed mortgages to be bought off at a lesser penalty, equivalent to the others, say a three-month penalty, could they relocate that money productively and not lose on it?