CMHC Statement: Support for those Affected by Forest Fires
CMHC joins Canadians in expressing our concern for the people of Western Canada that are dealing with devastating forest fires.
Homeowners affected by the fires may experience financial hardship due to income shortages resulting from temporary evacuations or from the need to rebuild or repair their homes. CMHC encourages homeowners to contact their financial institution at the first sign of difficulty to discuss their individual situations and options.
CMHC provides lenders with options for homeowners that may be impacted by these unfortunate events including:
- Deferral of payments for up to six months beginning July 8, 2017
- Re-amortization of the loan, to result in lower payments
- Capitalization of outstanding interest arrears and other eligible expenses
- Special payment arrangements
- A combination of the above
Given the circumstances, CMHC has provided lenders with added flexibility to make these special arrangements quickly. For more information, homeowners may also consult “How to Deal with Mortgage Payment Difficulties” on our website.
CMHC supports social housing both off and on-reserve and affordable housing delivered through partnerships with provinces and territories. CMHC is assessing the impact of the fires on social housing residents and will work with its partners to support those affected.