Canada’s big banks delivered a joint announcement this week that they will be offering mortgage deferrals for those impacted by the COVID-19 crisis. Dozens of other lenders followed in their footsteps.
"These measures are an important first step and underscore the resilience of Canada’s financial system and the strength of our major banks," the banks noted in the release. "Banks will monitor evolving economic conditions and consider other measures if necessary."
Tens of thousands of Canadians are already finding themselves out of work as infection spreads and more businesses are forced to shut down.
Non-Bank Borrowers
Okay, but what if your lender isn't one of the big banks?
The good news is that most lenders have adopted their own deferral measures. Others, like mortgage lender MCAP, have reminded clients that they can take advantage of existing features on their mortgages, such as the Skip-a-Payment and Hold-a-Payment programs.
Below are links for more information from some of the largest mortgage lenders in the country. Keep in mind that mortgage deferral relief is not a blanket measure being offered by all lenders to all borrowers. At most lenders, only those who can prove they have been financially impacted by the crisis are being granted payment relief. This includes those who are being forced to self-isolate without pay and the thousands of workers who are now being laid off.
Mortgage Insurers
CMHC: A message from our President to our clients (COVID-19)
Genworth: Coronavirus (COVID-19) Preparedness
Canada Guaranty: Lender Update – Homeowners Impacted by COVID-19
Banks
RBC: COVID-19 statement – How RBC is helping clients
BMO: COVID-19 update: Your health is our priority
Scotiabank: A message from Scotiabank about COVID-19
CIBC: CIBC’s Response to COVID-19
NBC: National Bank to Offer Support to its Clients
HSBC: Update on COVID-19 and how we’re here to help
Canadian Western Bank: Cyber security and COVID-19
Laurentian Bank: An update on COVID-19
Credit Unions
Alterna Savings: Critical COVID-19 Updates
Coast Capital: Coast Capital’s COVID-19 Response
Community Trust: COVID-19 Update - Our dedicated specialists are here to help
Connect First Credit Union: COVID-19 Update from Connect First Credit Union
Desjardins: Desjardins announces relief measures for personal and business members and clients
DUCA: We're here to help our Members.
First Ontario: First Ontario & COVID-19
Meridian Credit Union: Working with you through the COVID-19 crisis. We’re here to help.
Servus Credit Union: Servus and COVID-19
Vancity: Vancity to defer mortgage payments for up to six months for members impacted by COVID-19
Monolines/Mortgage Finance Companies/Alt Lenders
ATB Financial: COVID-19 update from ATB
B2B Bank: COVID-19 – We stand prepared and ready to help
CMLS: COVID-19 Update
Equitable Bank: COVID-19 – we’re here to help
First National: Keeping you informed: COVID-19
Haventree Bank: COVID-19: We are here for you when your world turns upside down
Home Trust: Statement from Home Trust on COVID-19
HomeEquity: HomeEquity Bank Communication – COVID-19
ICICI Bank: COVID-19 Update
Manulife Bank: A message regarding Novel Coronavirus (COVID-19)
MCAP: COVID-19 Update: Skip-A-Payment / Hold-A-Payment Programs
Merix Financial: COVID-19 Customer Information
Motusbank: A message from Bill, our CEO. We’re with you through the COVID-19 Virus
Optimum Mortgage: COVID-19 Updates
Peoples Group: What we’re doing during coronavirus disease (COVID-19)
RMG Mortgages: COVID-19 Update
Simplii Financial: We’re here to help with whatever you need
Tangerine: Tangerine Bank here to help our Clients impacted by COVID-19 with new financial relief program
XMC Mortgage: COVID-19 Client Care
