COVID-19: Necessary steps you need to take if dealing with mortgage payment difficulties

May 7, 2020

This article is contributed by the Canadian Mortgage and Housing Corporation (CMHC).

The impact of COVID-19 has been difficult for all Canadians. Even more so for those with added financial stresses with lost jobs or reduced hours.   

Job loss or reduced hours can create serious difficulties for homeowners. Canada Mortgage and Housing Corporation (CMHC) has resources and information available for homeowners and renters affected by the pandemic.  

What is the first step I should take if I can’t pay my mortgage?

Contact your mortgage professional to learn about your options. 

Your mortgage professional is equipped with the knowledge and tools to help you deal with the temporary financial setbacks that you may be facing. 

Although this can be a very overwhelming experience, it is important to take quick action.  CMHC’s Dealing with Mortgage Payment Difficulties discusses the 3 steps you should take for resolving financial difficulties. 

With early intervention and a proper plan, you can work with your mortgage professional to find a solution.

What are my options?

You may be eligible for a mortgage payment deferral of up to 6 months. This deferral is an agreement between you and your lender where mortgage payments are temporarily paused or suspended and repaid later.

The Mortgage Payment Deferral program is available throughout this pandemic. You can apply at any time during this outbreak. 

How do I find out if I am eligible for a mortgage payment deferral?

Any borrower facing financial difficulty should contact their lender — your bank or mortgage professional — to learn what options are available.  Since your mortgage is an agreement between you and your lender, they will assess if you are eligible for the deferral. They can also tell you what other options are available.  

While your lender determines eligibility, CMHC is offering lenders with CMHC-insured mortgages flexibilities to help them as they work on a solution for your unique financial situation. All mortgage insurers offer a number of tools to lenders that can help you when you’re in financial difficulty and are struggling to meet your mortgage obligations.

Are you a renter?

Stay up to date on the latest updates on eviction moratoriums related to COVID-19.

Stay up to date on CMHC’s recent COVID-19 updates.  


On December 1, 2021, Purplebricks rebranded to FairSquare Group Realty. Blog articles published before this date were created under the Purplebricks brand but remain the property of FairSquare Group Realty.

In January 2019, ComFree Commonsense Network Brokerage rebranded to Purplebricks.