There are options to help with housing costs during the COVID-19 Crisis.
Provincial Freeze on Rental Rates and $500 Rental Supplement
“To support people and prevent the spread of COVID-19, the Province is introducing a new temporary rental supplement, halting evictions and freezing rents, among other actions. The new rental supplement will help households by offering up to $500 a month towards their rent, building on federal and provincial financial supports already announced for British Columbians facing financial hardship.”
“B.C. has halted all new and active evictions, except for exceptional circumstances, so that no one is evicted because of COVID-19 and so people can remain in their homes during this crisis. Annual rent increases are frozen.”
More information is available at these web pages:
- Supporting renters, landlords during COVID-19
- COVID-19 and Tenancies
- BC-Temporary Rental Supplement (BC-TRS) Program
If you have questions, contact the Residential Tenancy Branch of BC.
Mortgage Payment Deferrals
To arrange mortgage payment deferrals, contact the company you have your mortgage with.
COVID-19 Information from various banks:
If you have a CMHC-insured mortgage:
“The Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers offer tools to lenders that can assist homeowners who may be experiencing financial difficulty. These include payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements.”
If your mortgage is not CMHC-insured:
“Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them manage hardships caused by COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers.”