Big Banks Announce Mortgage Deferral Relief For Homeowners

Canada's big banks have announced that those struggling due to the COVID-19 pandemic will be able to defer their mortgage payments for up to six months. The announcement came from the Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank, and will be granted on a case-by-case basis to assist those disrupted by the pandemic. The Canada Mortgage and Housing Corporation (CMHC) has also announced that it will allow up to 6-month deferrals for mortgage payments. CMHC President and CEO Evan Siddall thanked the banks for stepping up to assist mortgage-holders, but reminded borrowers that these deferrals are not a blanket measure available to all mortgagors. CMHC, MCAP, and Equitable Bank are all offering mortgage lenders additional tools to assist homeowners struggling with financial difficulty.

MCAP has reached out to its clients to remind them of existing mortgage features they can take advantage of, such as the Skip a Payment Program and Hold a Payment Program. Equitable Bank is standing alongside Canada’s six largest banks to help provide financial relief to Canadians impacted financially by COVID-19, including up to a six-month payment deferral for mortgages. Equitable Bank CEO Andrew Moor is now working from home for the safety of them and the community, and that clients can best reach out with questions via email at customerservice@eqbank.ca.