MORTGAGE DEFFERAL INFORMATION

Please be advised that there is no government program dictating that banks or lending institutions are required to provide mortgage assistance, but Finance Minister Bill Morneau has asked that banks help their clients in need. As a result, most large banks and mortgage providers are offering mortgage deferrals, on a case-by-case basis. Please understand that this is a deferral, not a forgiveness – so while you may be able to defer a mortgage payment to a later date, members you will still continue to accrue interest on their mortgage during the deferral period.

As every case is different, you should speak to their financial institution or mortgage provider to learn about the details of their individual mortgage and what the details/cost of a deferral would be.  Please be further aware that we have pressed, and will continue to press, government for relief for renters.