Homeowners experiencing financial hardship may be eligible for a mortgage payment deferral of up to six months.
The deferral is an agreement between you and your lender. Typically, the agreement indicates that you and your lender have agreed to pause or suspend your mortgage payments for a certain amount of time. After the agreement ends, your mortgage payments return to normal and the deferred payments — including principal and accumulated interest – are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
Contact your lender and/or mortgage professional to know if you are eligible for a mortgage payment deferral or to learn what options are available.
Learn more about mortgage deferrals from CMHC. Click here for a list of lender contact information.
The Government of Canada is taking immediate, significant and decisive action to support Canadians and businesses facing hardship as a result of the COVID-19 outbreak. Click here to learn more about the financial support you may be eligible for as we navigate the COVID-19 pandemic.
In response to the evolving COVID-19 outbreak, no new eviction orders will be issued until further notice and sheriff’s offices will postpone any scheduled enforcement of current eviction orders. Tenants must pay rent while an eviction order is not being enforced. Click here for more information.
Learn more about how the Landlord and Tenant Board is operating during the pandemic.
There is little doubt that the COVID-19 pandemic has affected the Toronto Real Estate Market. The early days of the pandemic effectively turned off the supply of inventory for the spring market. This eventually led to a resurgence in the marketplace led by pent up demand for housing as we entered late spring and the summer. There are a number of dynamics currently at play in the marketplace, so be sure to visit our website to stay on top of market and how it may affect you.
Warranty submission timelines, requests for conciliation and builder repair periods that had previously been suspended under the Government of Ontario’s Emergency Order are now fully reinstated. All warranty forms and requests for conciliation due after September 11, 2020 should be submitted on-time according to their due date. Tarion has resumed in-person inspections and all postponed conciliations and inspections have now been rescheduled to the earliest possible date.
Let’s be honest, this is not an easy time for anyone.
CAMH says it is normal to feel anxious and afraid while we deal with the effects of this pandemic. This situation is stressful for everyone; people living with mental illness and addictions may be finding it especially difficult to cope. If you or someone you know is struggling, the resources on CAMH’s site are there to support you. Remember: no matter where you are or what you’re going through, you don’t have to go through it alone.
ShowLoveTO is a local initiative that will encourage residents to show their love for Toronto by safely connecting with neighbours, supporting local businesses and artists, and exploring their city neighbourhoods to help rebuild the social and economic fabric of Toronto.
Learn more about ShowLoveTO and what you can do to show your support for local businesses and artists.