Canadian Mortgage and Housing Corporation
CMHC Expands the Insured Mortgage Purchase Program
The Government of Canada has implemented the Insured Mortgage Purchase Plan (IMPP) made to stabilize the housing market in the current economic conditions.
The government will purchase $50 billion of insured mortgage pools through CMHC with the aim of providing stable funds for banks and mortgage lenders. Click here for more detail on the Insured Mortgage Purchase Plan.
Struggling to Pay Your Mortgage
1. Organize and clarify your affairs
Gather and organize your financial information.
- Credit Cards
- Bills (amount owing and due date)
- Current income
- Savings accounts
- Other assets
2. Contact your mortgage professional
The faster you act the better off you will be. Connect with a mortgage professional if you are concerned about your ability to meet your financial obligation. If you don’t have mortgage professional use this link to connect with a mortgage specialist in your area.
3. Keep up to date
The situation is changing at an alarming pace. Consistently review the government announcements. We will keep this page updated with the most current information.
Government of Canada
Please refer here for details on the Government of Canada’s COVID-19 Economic Response Plan.
Resources for Renters
Rental housing falls under provincial jurisdiction. Please refer to the table below for your provinces announcement regarding rental housing measures.