COVID-19: What does the IMPP Emergency Measure do?

We are facing an unprecedented challenge because of the COVID-19 outbreak. Everyone in Canada has felt the impact — from individuals and businesses to our economy. Many of us are facing financial hardship as a result.

The Government of Canada is taking action to help people living in Canada directly impacted by the COVID-19 outbreak. It is also taking important steps to support and stabilize the economy and financial system with programs like the Insured Mortgage Purchase Program (IMPP).

What is the IMPP?

The IMPP is an emergency program. It allows CMHC to purchase up to $150 billion of insured mortgages pooled into National Housing Act Mortgage Backed Securities (NHA MBS) directly from financial institutions. This provides financial institutions with funding so that they can continue to offer loans to businesses and Canadians that may require access to credit during the COVID-19 crisis.

Note: We are buying insured mortgages that are pooled into securities that carry guarantees from CMHC. This means there’s no additional risk to taxpayers or CMHC.

Can you access the IMPP?  

The IMPP is not a program that you — a homeowner in Canada — can access directly. 

The measure has been put in place to ensure your financial institutions can continue to serve you — as a consumer or business owner who may need access to credit — during the COVID pandemic.  This provides confidence in the ‘whole of government approach’ to stabilize our financial system and ensure banks can continue to offer loans.

Has the Government ever implemented the IMPP before?

Yes. It was one of the tools used by the government to help limit stress on the Canadian economy during the global financial crisis in 2008.

Can’t pay your mortgage due to COVID-19?

Are you worried about paying your mortgage or rent because of COVID-19?  Learn more about the options available to homeowners including mortgage payment deferrals as well as the various measures provinces have put in place for renters.