Canada’s Big Banks Offer Mortgage Relief

Canada’s 6 largest banks will allow mortgage payment deferrals for up to six months as part of extraordinary measures to help customers struggling with the financial impacts of the novel coronavirus pandemic. The president of the Canadian Bankers Association, Neil Parmenter, says the measures are effective immediately. Deferred mortgage payments are typically added back to the mortgage amount, meaning borrowers are simply postponing, not skipping, payments.