Investors convened by the Bank of Canada last month criticized the government's move towards ending its mortgage bond program, with meeting minutes saying "any decision on the CMB program without careful considerations can have material negative implications for housing finance in Canada."

Members of the central bank's Canadian Fixed-Income Forum thought the government would have to think about "the bigger picture" including how to promote a market for longer-term mortgages, according to minutes of a May 9 meeting published on Friday.

Finance Minister Chrystia Freeland's last budget said a consultation on ending the mortgage bond program will be done this fall. (See: MNI: Canada Could Earn CAD800M/Yr Ending Mortgage Bonds-Memo and MNI: Canada Warned Ending Mortgage Bonds Could Be Costly)