In what circumstances will a mortgage lender be able to charge an interest rate of 16.5% until one week before the maturity date and 24% thereafter?
British Columbia, Canada
The following excerpt is from Bankers Mortgage Corporation v. Plaza 500 Hotels Ltd., 2016 BCSC 722 (CanLII):
In TD Trust v. Guinness, Tysoe J. was considering a mortgage with an interest rate of 16.5% until one week before the maturity date and 24% thereafter. In considering whether the interest clause violated s. 8, he expressed his opinion this way:
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