Canadian Mortgage and Housing Corporation

https://www.cmhc-schl.gc.ca/en/media-newsroom/coronavirus-update

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
  • Loans
  • Bills (amount owing and due date)
  • Current income
  • Savings accounts
  • Investments
  • 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.

https://www.canada.ca/en/department-finance/economic-response-plan.html

 

Resources for Renters

Rental housing falls under provincial jurisdiction. Please refer to the table below for your provinces announcement regarding rental housing measures.

British Columbia https://news.gov.bc.ca/releases/2020MAH0048-000561
Alberta https://www.alberta.ca/assets/documents/COVID-19-suspending-eviction-enforcement.pdf
Saskatchewan https://www.saskatchewan.ca/government/news-and-media/2020/march/26/evictions-suspended
Manitoba https://news.gov.mb.ca/news/index.html?item=47219
Ontario https://news.ontario.ca/mag/en/2020/03/ontario-taking-action-to-protect-critical-front-line-justice-services-in-response-to-covid-19.html
Quebec https://www.rdl.gouv.qc.ca/en
New Brunswick https://www2.gnb.ca/content/gnb/en/news/news_release.2020.03.0139.html
Newfoundland & Labrador https://www.gov.nl.ca/releases/2020/exec/0326n03/
Nova Scotia https://novascotia.ca/news/release/?id=20200319004
Prince Edward Island https://www.princeedwardisland.ca/en/news/province-announces-moratorium-evictions
Yukon https://yukon.ca/en/news/government-yukon-making-sure-yukoners-have-home-security-during-covid-19
Nunavut No Official Announcement
Northwest Territories  https://www.nwthc.gov.nt.ca/en/covid-19-updates-nwt-housing-corporation

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