canada mortgage

Canada's big 6 banks will allow deferral of mortgage payments during COVID-19 pandemic

In what is likely a once-in-a-lifetime corporate collaboration, all six of Canada's major banks are together offering six-month payment deferrals for mortgages and "opportunity for relief on other credit products" in light of the 2019 novel coronavirus.

Canadian Bankers Association (CBA) president and CEO Neil Parmenter announced the news on Twitter Wednesday morning, advising home owners to talk to their banks for more information.

A press release from the CBA entitled "Canada’s Six Biggest Banks Take Decisive Action to Help Customers Impacted by COVID-19" links to six more identical press releases from each of the banks in question: Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank.

"Canada's six largest banks today announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19," reads the release.

"Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19."

The support will include "up to a six-month payment deferral for mortgages," according to the banks. Any individual or business experiencing "hardship" is encouraged to contact their bank directly "to discuss options that could be available to them."

Earlier this week, the six banks announced together that they would be limiting their hours of operation and reducing the number of branches open in an effort to slow the spread of COVID-19 in Canada.

The 2019 novel coronavirus pandemic has so far killed nine people within the country, with nearly 650 more thought to be infected as of March 18.

According to the World Health Organization, 179,111 had been confirmed positive for COVID-19 as of March 18 with 7,426 deaths now recorded globally.

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