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Impacted by Natural Disasters and Having Trouble Making Your Mortgage Payments?

Impacted by Natural Disasters and Having Trouble Making Your Mortgage Payments?

Recent floods in Alberta and Saskatchewan, as well as forest fires in British Columbia, remind us of the hardships caused by natural disasters. Canadians may find themselves in financial difficulty due to circumstances such as temporary unemployment or the burden of rebuilding their home. 

Should you find yourself in this unfortunate situation and unable to make your mortgage payments, Canada Mortgage and Housing Corporation (CMHC) wishes to remind Canadians that there are options available to you.

First, it’s important to take quick action and contact your lender at the first sign of any financial difficulty. Ask your lender about the options available to you and keep them informed of your situation.

For CMHC-insured mortgages, CMHC provides lenders with the tools and the flexibility they need to achieve a solution to your unique financial situation. Depending on your circumstances, this might include:

  • Temporary short-term payment deferral. Your lender may be prepared to offer greater payment flexibilities by allowing you to defer up to four monthly mortgage payments;
  • Extending your repayment period (amortization) to lower your monthly payments up to the maximum allowable period;
  • Adding any missed payments to your outstanding balance and spreading them out over the lifetime of your mortgage;
  • Arranging special payments unique to your particular financial situation; or
  • A combination of the above.

Clarify your financial picture by preparing a list of your income, financial obligations, savings and investments before meeting with your lender. This will help paint a more detailed picture of your financial situation, and make it easier to find a viable solution.

CMHC also offers information on what to do to after a flood or a fire. Simply visit or call CMHC at 1-800-668-2642.

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Québec Landlords Association (1)

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