Provincial and Federal supports for homeowners, renters

Both the Province and Federal Government have announced wide-ranging measures to support households facing economic hardship due to COVID-19. Measures announced to-date address mortgage holders, renters and vulnerable populations, and include the following:

Federal Government or Canada-Wide Measures

  • The Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have committed to work with personal and small-business banking customers, on a case by case basis to manage mortgage payments including through up to 6-month payment deferrals.  In conjunction with this announcement, CMHC issued a statement that they are offering additional default management tools to lenders including loan re-amoritization, capitalization of outstanding interest arrears and special payment arrangements.
  • CMHC has also announced that they are exploring potential relief measures for those who can’t make payments on uninsured mortgages, as well as supports for renters.
  • Finally, CMHC has indicated that they are working to provide flexibility to funding recipient housing providers and co-ops on an individual basis, and have created a webpage listing COVID-19 related updates.

Provincial Measures

Supports for Renters

  • Earlier today, the Province announced a package of supports for landlords and tenants impacted by COVID-19, that will help to ensure that households are able to stay in their homes and maintain social distance. First, low to moderate income renters that have experienced a significant loss of income due to COVID-19 can apply for up to $500/month to supplement their monthly rent payment. Applications will be made through B.C. housing, and payments made directly to landlords. Second, as long as the state of emergency is in place, there will be a moratorium on current and future evictions, with limited exceptions. Third, the Province has frozen rent increases.  In conjunction with these supports, the Province announced several measures to help maintain social distance in rental buildings.
  • For B.C. Housing Tenants, the Province had previously indicated that there will be a moratorium on evictions and that new options for rent reduction are being investigated. The Province has also indicated that they will investigate similar measures for properties receiving funding from B.C. Housing.

Supports for Vulnerable Populations

  • The Province has formed a Vulnerable Population Working Group spanning several ministries including Municipal Affairs and Housing, Social Development and Poverty Reduction, Indigenous Relations and Reconciliation, and Mental Health and Addictions, together with the City of Vancouver, local health authorities and others.
  • The Province has also promised supplements for social-assistance and housing in hotels where vulnerable people can self-isolate, as well as supports to ensure continuity of social service agencies.  
  • Through partnership with the City of Vancouver and Government of Canada, the Province has opened close to 60 new supportive homes in Vancouver,
  • BC Housing has also created a webpage to centralize updates related to COVID-19.

 

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