January 26, 2021, by The Canadian Press
OTTAWA — Canada’s housing authority says retail, construction and services workers were the most common deferrers of mortgage payments in the first few months of the COVID-19 pandemic.
CMHC says the high numbers of deferrals correlated with data showing the retail, construction and service industries were hit with the largest increases in unemployment during the COVID-19 pandemic.
CMHC says by the end of June, 17.9% of people with outstanding homeowner mortgages insured by CMHC had exercised payment deferral options and the bulk of those people seeking deferrals were in Quebec, Alberta, Ontario and British Columbia.
What does this mean?
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