As the month of April comes to a close, we continue to see the effects of COVID-19 and its impact on Canadian homeowners and the housing market as a whole. Mortgage deferral payment programs are now readily available for Canadians in need, more people are looking to refinance their mortgages due to recent drops in rates and the demand for reverse mortgages is on the rise. Here are some key highlights of the latest in mortgage news over the past month:
Although mortgage deferral programs are readily available to Canadians, many people are frustrated with the penalties associated with these programs and are calling big banks to temporarily forgive mortgage payments altogether.
According to the Royal LePage House Price Survey and Market Survey Forecast, housing prices in Canada are projected to grow a modest 1% by the end of 2020, pending social distancing restrictions ease up in the coming weeks.
For seniors facing financial hardship during COVID-19, reverse mortgages have been a popular alternative to unlock equity in their homes without increasing their tax burden and/or impacting their government benefits.