As we all try to adapt to the rules of “social distancing” in an effort to slow the spread of Covid-19, we’re waiting to see just how this will impact us in the long-term.  Already we’ve seen a significant impact on our economy – the stock market & Canadian dollar have dropped, businesses have been forced to temporarily close or if possible to adapt to working from home, and consumer behaviour has been completely upended. The real estate buying process has been disrupted in the short-term for both buyers and sellers – people are understandably concerned about having their homes shown to dozens of strangers and the concept of an open house is out the window.  There are always going to be reasons for people to need to buy or sell properties, so eventually we will adapt to a ‘new normal’ in the real estate market.  In the meantime, many financial relief measures have been introduced to help ease the burden.

Locally, the City of Toronto has announced that it will allow deferral of property tax and utility payments for two months without penalty (retroactive to March 16th).  The city is suspending automatic payments and post-dated cheques for upcoming installments will not be cashed for 60 days.

Federally, the Canada Revenue Agency has extended the filing deadline for individual tax returns until June 1st, and payments have been deferred until August 31st, without interest or penalties.  A six-month moratorium has been announced on repayment of Canada Student loans, interest-free.  Guidelines for EI programs have also been adjusted to hopefully make it easier to quickly get the support to those who need it.

Canada’s Big 6 Banks have each introduced measures to help their existing customers with varying programs, including up to 6-month payment deferral on mortgages.  Banks have committed to working with customers on a case-by-case basis and the qualification process is still as yet unclear.  It’s important to reach out to your lender to understand exactly what assistance they can provide you based on your needs… customer service numbers for most of Canada’s lenders are below.

Experts are saying that as individuals the best things we can do are wash our hands, take care of our physical and mental health and stay home – the more we can physically distance ourselves, the more effective it will be at flattening the curve.  It can be hard not to worry in this scary time but by sticking together (by staying apart) we will get through this!

Call your lender:

• ATB Financial ‪1-800-332-8383

• B2B ‪1-800 263 8349 or ‪questions@b2bbank.com

• BMO Financial Group 1-877-895-3278

• Bridgewater Bank ‪1-866-243-4301

• CIBC ‪1-800-465-2422

• CMLS Financial ‪1-888-995-2657 or ‪service@cmls.ca

• Optimum ‪1-866-441-3775 or ‪customer.service@cwbank.com

• Equitable ‪1-866-407-0004 or ‪customerservice@eqbank.ca

• Connect First ‪403-520-8000

• Chinook Financial ‪403-934-3358

• First Calgary Financial ‪403-736-4000

• First National Financial LP ‪1-888-488-0794 or ‪customer@firstnational.ca

• Haventree Bank ‪1-855-272-0051

• HomeEquity Bank ‪1-866-331-2447 or ‪clientrelations@heb.ca

• Home Trust Company ‪1-855-270-3630 or ‪CustomerCare@hometrust.ca

• HSBC ‪1-888-310-4722

• ICICI Bank ‪1-866-726-0825 or ‪icicibankmortgagecare@lenderservices.ca

• Manulife ‪1-866-677-4366 or ‪help@ www.mortgageprotectionplan.com

• MCAP ‪1-800-265-2624

• MERIX Financial ‪1-877-637-4914 or ‪customerservice@merixfinancial.com

• Marathon ‪1-855-503-6060

• National Bank ‪1-888-835-6281

• RBC ‪1-866-809-5800

• RFA (formerly Street Capital) ‪1-877-416-7873 or ‪customer@rfabank.net

• RMG ‪1-866-809-5800 or ‪mortgagesupport@rmgmortgages.ca

• Scotiabank ‪1-800-472-6842

• Servus Credit Union ‪1-877-378-8728

• TD ‪1-866-222-3456