Back to Blog
Buying & Selling Tips

COVID19: Understanding the Support Available for Mortgage or Rent Payment Difficulties

Coronavirus tips and links straight from the Canada Mortgage and Housing Corporation.
By CMHC (Canada Mortgage and Housing Corporation) Apr 29, 2020

As we continue to navigate the impact of COVID-19, REW is proud to bring you as much up-to-date information on aid available to homeowners and renters. This week, enjoy these guidelines and specific links to available aid straight from the CMHC.

 

COVID-19, Renters and Homeowners

The impact of COVID-19 has been difficult for all Canadians. Even more so for those with added financial stresses with lost their jobs or reduced hours. 

Job loss or reduced hours can create serious difficulties for renters and homeowners alike. Canada Mortgage and Housing Corporation (CMHC) has resources and information available for homeowners and renters affected by the pandemic.

 

Are you dealing with mortgage payment difficulties?

If so, contact your mortgage professional first to learn about your options.

CMHC’s Dealing with Mortgage Payment Difficulties discusses the 3 steps you should take for resolving financial difficulties.

 

Am I eligible for a mortgage payment deferral?

You might be. Contact your mortgage professional to find out if you are eligible for a mortgage payment deferral. The deferral is an agreement between you and your lender where mortgage payments are temporarily paused or suspended and repaid later. Mortgage payment deferrals are in place to help ease the financial burden for a specific duration of time.

Since your mortgage is an agreement between you and your lender, they will assess if you are eligible for the deferral. They can also tell you what options are available to you.

 

Are you unable to pay your rent?

Rental housing falls under provincial jurisdiction. Provinces and territories are working to address this issue—with many provinces already announcing measures to suspend evictions. 

For each province and territory, CMHC has compiled the latest updates on eviction moratoriums related to COVID-19. Find out what kind of support is available to you in your specific region if you can’t pay your rent.  

 

For more, stay up to date on CMHC’s recent COVID-19 updates.

CMHC (Canada Mortgage and Housing Corporation)
Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians meet their housing needs for more than 70 years. As Canada’s authority on housing, we contribute to the stability of the housing market and financial system, provide support for Canadians in housing need, and offer unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of our operations.
Never Miss a Story
Subscribe to our newsletter and get the week's top real estate news delivered to your inbox.
You can unsubscribe at any time