|
Mortgage Support
Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them manage hardships caused by COVID-19. Canadians who are impacted by COVID-19 and experiencing financial hardship as a result should contact their financial institution regarding flexibility for a mortgage deferral. This allows flexibility to be available − when needed − to those who need it the most.
Learn more
Contact your financial institution for further mortgage assistance.
The Canada Mortgage and Housing Corporation and other mortgage insurers offer tools to lenders that can assist homeowners who may be experiencing financial difficulty. These include payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements.
Canada’s mortgage insurers are committed to providing homeowners with solutions to mitigate temporary financial hardship related to COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Deferred payments are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
Learn more: Financial Consumer Agency of Canada (FCAC)
Contact your mortgage broker or lender for more information.
Government of Canada webpage
Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them manage hardships caused by COVID-19. Canadians who are impacted by COVID-19 and experiencing financial hardship as a result should contact their financial institution regarding flexibility for a mortgage deferral. This allows flexibility to be available − when needed − to those who need it the most.
Learn more
Contact your financial institution for further mortgage assistance.
The Canada Mortgage and Housing Corporation and other mortgage insurers offer tools to lenders that can assist homeowners who may be experiencing financial difficulty. These include payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements.
Canada’s mortgage insurers are committed to providing homeowners with solutions to mitigate temporary financial hardship related to COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Deferred payments are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
Learn more: Financial Consumer Agency of Canada (FCAC)
Contact your mortgage broker or lender for more information.
Government of Canada webpage
Bank of Montreal: 1-877-895-3278
CIBC: 1-800-465-2422 First National: 1-888-488-0794 Manulife: 1-800-268-6195 MCAP: 1-800-265-2624 |
RMG: 1-866-809-5800
RBC: 1-800-769-2511 Scotiabank: 1-800-472-6842 Street Capital (RFA): 1-877-416-7873 TD: 1-888-720-0075 |
Property Tax Deferrals – COVID 19
TRREB has developed a COVID-19 property tax deferral schedule for every Greater Toronto Area municipality for your convenience and use. It also includes links to their respective websites for more details on the deferrals, and links to the various municipal COVID-19 information centres.
Protection for Renters
The following has been posted by the Government of Ontario
Evictions
In response to the evolving COVID-19 (coronavirus) outbreak, no new eviction orders will be issued until further notice and sheriff’s offices will postpone any scheduled enforcement of current eviction orders. Tenants must pay rent while an eviction order is not being enforced.
What to do if you’re locked out
It is illegal for a landlord to change the locks to a rental unit or the building, without giving the tenant a key for the new locks. If you are a tenant and a landlord has locked you out, or is threatening to lock you out, contact the Rental Housing Enforcement Unit:
Rent
Tenants who can pay their rent must do so, to the best of their abilities. Landlords are entitled to collect compensation from a tenant for each day that an eviction order is not enforced. However, tenants who are asked to self-isolate or who can’t work may have difficulty paying their rent.
We encourage landlords and tenants to work together during this difficult time to establish fair arrangements to keep tenants in their homes.
Under the Residential Tenancies Act, landlords cannot charge fees or penalties for late rent payments.
Tenants who are having challenges paying rent should speak with their landlords about possibly deferring their rent or other payment arrangements.
Assistance for tenants
If you need financial help you can:
Assistance for landlords
Landlords may wish to:
The following has been posted by the Government of Ontario
Evictions
In response to the evolving COVID-19 (coronavirus) outbreak, no new eviction orders will be issued until further notice and sheriff’s offices will postpone any scheduled enforcement of current eviction orders. Tenants must pay rent while an eviction order is not being enforced.
What to do if you’re locked out
It is illegal for a landlord to change the locks to a rental unit or the building, without giving the tenant a key for the new locks. If you are a tenant and a landlord has locked you out, or is threatening to lock you out, contact the Rental Housing Enforcement Unit:
Rent
Tenants who can pay their rent must do so, to the best of their abilities. Landlords are entitled to collect compensation from a tenant for each day that an eviction order is not enforced. However, tenants who are asked to self-isolate or who can’t work may have difficulty paying their rent.
We encourage landlords and tenants to work together during this difficult time to establish fair arrangements to keep tenants in their homes.
Under the Residential Tenancies Act, landlords cannot charge fees or penalties for late rent payments.
Tenants who are having challenges paying rent should speak with their landlords about possibly deferring their rent or other payment arrangements.
Assistance for tenants
If you need financial help you can:
- contact your local service manager
- apply for COVID-19 emergency assistance
- access federal government programs
Assistance for landlords
Landlords may wish to:
- talk to their municipality about help with property taxes and municipal service fees
- inquire with their mortgage lender about mortgage payment deferrals
- investigate federal government programs
For more detailed information on Canada's COVID-19 Economis Response Plan, please see this summary from our friends at Chaggares & Bonhomme, CPA.
Information can also be found on Ontario and Canada government websites.
Information can also be found on Ontario and Canada government websites.