Canada’s biggest banks are now allowing mortgage payment deferrals
Ah, some very good news! The six biggest banks in Canada have all came to the very sensible conclusion that having Canadians go behind on mortgage payments right now won’t be good for business in the long run. So, they will allow mortgage payment deferrals for up to six months across Canada. Nice.
Obviously, this is huge news for just about any Canadian affected by the COVID-19 outbreak. Businesses are closing, work hours are getting shortened, people who may or may not be able to afford it are being put on sick leave. All in all, it’s a difficult time for Canadians financially.
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Effective immediately @BMO @cibc @nationalbank @RBC @scotiabank @TD_Canada offer support for Cdns impacted by #COVID19 incl. a 6-month payment deferral for mortgages, & opportunity for relief on other credit products. Talk to your bank
— Neil Parmenter (@neilparmenter) March 18, 2020
As mentioned in that tweet by Canadian Bankers Association president Neil Parmenter, BMO, CIBC, RBC, TD, Scotiabank, and National Bank are all taking part in the mortgage deferrals. Solid stuff, people!
The banks are all committed to this protocol “effective immediately”, but are planning to go even further to provide relief on other credit products. We’ll have to see how that plays out, but it is nice to know that big money has Canada’s backs right now.
