FILE – A condo building is seen under construction surrounded by houses in Vancouver, B.C., on Friday March 30, 2018. THE CANADIAN PRESS/Darryl Dyck

CMHC expanding insured mortgage purchase program to $150B, up from $50B

Ottawa had a similar program to buy insured mortgages during the 2008-09 financial crisis

Canada Mortgage and Housing Corp. is expanding its insured mortgage purchase program to $150 billion as part of its response to the COVID-19 crisis.

The move to help bolster the financial system is an increase from an initial plan for $50 billion announced March 16.

The expansion is part of the emergency measures passed by the government to deal with the fallout of the novel coronavirus and the steps taken to slow its spread.

CMHC has said the insured mortgage pools already carry government backing, so there is no additional risk to taxpayers.

Ottawa had a similar program to buy insured mortgages during the 2008-09 financial crisis.

In buying the insured mortgages, CMHC helps provide funding for the banks that they can then use for other loans to help businesses and other borrowers.

READ MORE: Weddings, big gatherings have to stop, B.C.’s top doctor says

The Canadian Press


Like us on Facebook and follow us on Twitter.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Clearwater Famers Market looking for help

“The Farmers Market and the North Thompson (Valley) need more local food.”

B.C. firefighters only responding to most life-threatening calls during COVID-19 pandemic

The directive comes after province spoke with paramedics, fire services, according to top doctor

‘An extra $220 every 90 days’: B.C. patients pay more dispensing fees due to prescription limits

Kelowna woman says it’s outrageous to charge for refills every 30 days

Rainer Meat Cutting continues family tradition

Finding a new role in the days of COVID-19

Back in Time

Historical Perspective

As 240K apply for emergency benefit, Trudeau says aid coming for Canadians left behind

Canada Emergency Response Benefit provides $2,000 per month

UPDATE: UK PM Boris Johnson moved to intensive care after COVID-19 symptoms worse

He has been quarantined in his Downing St. residence since being diagnosed with COVID-19 on March 26

Travellers, travel agents ‘in agony’ over refund policies and customer service

Many Canadian carriers are offering customers flights rebookings or travel vouchers — but not refunds

Introverted and extroverted kids likely to react differently to COVID-19 restrictions

B.C. child psychologist says your parenting approach can’t be one-size fits all in social isolation

B.C. begins taking submissions for $2M COVID-19 research fund

Rural health, impact of shifting hospital resources among priorities

Wearing non-medical masks can stop spread of COVID-19 before symptoms start: Tam

Health officials had previously not recommended wearing them

Easter Bunny not a COVID-19 carrier, allowed to do drop offs

World Health Organization grants permission to Bunny as he cannot transfer the virus

COVID-19 world update: 1,000 cases hit U.S. military; Good news in Spain, Portugal

Comprehensive collection of coronavirus news from around the world

Businesses advised to prepare for federal, B.C. COVID-19 assistance

Canada Revenue Agency portal expected to open this week

Most Read