Canada’s big banks have made a big move when it comes to mortgages.
The Canadian Bankers Association says Bank of Montreal, CIBC, TD Canada, National Bank of Canada, RBC Royal Bank and Scotiabank will be allowing the deferral of mortgage payments by six months because of the pandemic.
Help will provided on a case by case basis for flexible solutions to help people manage through challenges such as pay disruption due to COVID-19, childcare disruption due to school closures, or those facing illness from COVID-19.
Businesses and individuals are urged to contact their bank to talk about options that are available.