Nearly half a million big-bank customers in Canada are getting to defer their mortgage payments amid the coronavirus pandemic, the Canadian Bankers Association (CBA) said on Friday.
The country’s six largest lenders, taken together, have deferred more than 10 per cent of the mortgages in their portfolio so far, according to the report.
RBC, TD, BMO, CIBC, Scotiabank and National Bank of Canada said on March 18 they would allow eligible customers to postpone mortgage payments for up to six months.
In addition, Canadians have also been accessing pre-existing skip-a-payment options that usually allow for one payment deferral per year on certain mortgages.