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What is Mortgage Payment Deferral?

Wednesday Apr 08th, 2020

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The Coronavirus crisis has left many homeowners in Canada without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden. The COVID-19 Mortgage Payment Deferral program will be ongoing. You can apply at any time during this outbreak. What is mortgage payment deferral? Mortgage payment deferrals can help you during times of financial hardship... [read more]

Bank of Canada Cuts Overnight Rate

Wednesday Mar 04th, 2020

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The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent. While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding. Before the outbreak, the global economy was showing signs... [read more]

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