News & Resources

Mortgage Payment Deferral – Mortgage Lenders’ COVID-19 Announcements

March 21, 20
3 mins
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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

RATESDOTCA Team

The RATESDOTCA editorial team are experienced writers focused on sharing stories and bringing you the latest news in insurance and personal finance. Our goal is to provide Canadians with the information and resources they need to make better insurance and financial decisions.

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