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Updated by Jackson Middleton on Jul 23, 2020
Headline for COVID-19 Canadian Economic News
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COVID-19 Canadian Economic News

Up to date mortgage and financial information as it relates to the COVID-19 virus and the Canadian Economy.

The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak.

Canada’s COVID-19 Economic Response Plan

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent, effective Monday, March 16, 2020. The Bank Rate is correspondingly 1 percent and the deposit rate is ½ percent.

We are continuously monitoring developments around COVID-19. Our primary focus is the health and safety of our staff and ensuring the continuity of our operations. Here, you'll find the latest information and resources related to our response to the COVID-19 outbreak.

Coronavirus disease (COVID-19) information for Canadians including links to disease updates, travel advice, how to be prepared, symptoms, prevention, risk, Canada’s response, current case numbers, answers to questions and links to printable resources.

Through Canada Guaranty’s Homeownership Solutions Program, Lenders have always had the ability to implement a number of approved workout solutions directly with their borrowers and without prior approval.

Canada’s six biggest banks are offering to ease up on customers whose lives have been disrupted by the new coronavirus, a largely unprecedented move that could include allowing borrowers to delay mortgage payments for up to six months.

Due to Covid-19, the Minister of Finance has announced the suspension of the April 6, 2020 coming into force of the new benchmark rate used to determine the minimum qualifying rate for insured mortgages.

By offering customers payment deferrals during COVID-19 crisis, banks stand to increase profits.

The Bank projects that growth in the Canadian economy will accelerate from 1.6 percent this year to 2 percent in 2021.

Prime Minister Justin Trudeau today announced more help for small and medium-sized businesses to keep employees on the payroll during the COVID-19 crisis, including a 75 per cent wage subsidy and guaranteed interest-free loans.

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