This fall, loan payments unemployed borrowers kicked down the road must start being repaid again, plus interest

With a six-month window for some borrowers to defer their loan payments closing fast, Canada Mortgage and Housing Corp. says “new tools” may be needed to help homeowners get through the coronavirus crisis.

CMHC says it has already provided lenders with tools to help struggling households, including deferred mortgage payments for up to six months, extended repayment periods and the ability to add missed payments to a mortgage balance and spread them out over the repayment period.

CMHC eyeing ‘new tools’ as mortgage deferral cliff looms for borrowers

But homeowners who decided to postpone repayment back in March may be done or nearly done their payment holiday, which the CMHC suggests may require further action on its part.

“As the end of the initial six-month deferral period from the beginning of the pandemic approaches, we recognize the need to continue to monitor this diligently and potentially develop new tools with our partners to help Canadians during this unprecedented pandemic,” the mortgage-insuring Crown corporation said in an emailed statement. “This work is ongoing and we will provide Canadians with updates as they become available.”

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