How Banks are stepping up amid COVID-19

One thing that has been nice to see during this difficult time is how the institutions that support the Canadian economy have stepped up to bolster us all during COVID-19.

Here are ways that the big banks are stepping up.

This past Friday April 3rd, several banks including the big 5, Bank of Nova Scotia, Toronto-Dominion Bank, Royal Bank of Canada, National Bank of Canada and Canadian Imperial Bank of Commerce all cut credit card rates in order to support customers during the COVID-19 shutdowns. 

Financial Post

This is just the latest action that the banks have taken to help Canadians manage the financial burden of COVID-19. Earlier in March banks began offering up to 6 months of mortgage payment deferrals to help Canadians who may have difficulty making mortgage payments during COVID-19.

Understanding Mortgage Payment Deferral - CMHC

While most banks won't outright postpone payments interest free it does offer some much needed relief to anyone temporarily laid off due to shut downs or slow work during the pandemic.

Global News

The only area thats been slowing in the last week are mortgage rates which are seeing some rise after multiple rounds of cuts following the bank of Canada's cuts in March. On March 27th the Bank of Canada lowered the overnight rate to a 1/4 percent

According to a James Laird, president of mortgage brokerage CanWise Financial and co-founder of "a few weeks ago, the best mortgage rates were something in the range of between two and 2.5 per cent. Today, they're between 2.5 and three per cent because, as he puts it, "they are demanding a higher risk premium than what they typically do." CBC

That said rates are still very low historically.

Looking for help navigating your financing for a home. The best person to speak with is Jim. In addition to being your real estate broker Jim has been a mortgage broker with Entrust Financial for over 2 decades. 

Have a question call Jim at 905-409-9967.

Licence #: 10891

FSCO# M08007896

Categories:   2022 | 2023 | Amberlea, Pickering Real Estate | Annex, Toronto C02 Real Estate | Anti-Flipping Tax | APSLEY Real Estate | Apsley, North Kawartha Real Estate | attractions | back to school | Bank of Canada | Bay Ridges, Pickering Real Estate | Bendale, Toronto E09 Real Estate | Benjamin Tal | best lawn fertilizer | best weed killer | Blue Grass Meadows, Whitby Real Estate | Bowmanville Real Estate | Bowmanville, Clarington Real Estate | Bridle Path-Sunnybrook-York Mills, Toronto C12 Real Estate | Bridle Path-Sunnybrook-York Mills, Toronto Real Estate | Brooklin, Whitby Real Estate | buyers | buying a home | Canada Economy | Centennial, Oshawa Real Estate | Central West, Ajax Real Estate | Central, Oshawa Real Estate | Chandos, North Kawartha Real Estate | CIBC | City Centre, Mississauga Real Estate | Clarington, Durham Real Estate | clean gutters and downspouts | cleaning your deck | corn gluten | corn gluten meal | coronavirus | Courtice, Clarington Real Estate | covid-19 | covid-19, coronavirus | credit card rate cuts, mortgage payment deferrals, COVID-19, coronavirus | curb appeal | deck | Donevan, Oshawa Real Estate | downspouts | Downtown Whitby, Whitby Real Estate | drainage | Durham Region | durham region tourism | Fall Market | farms in durham | February 2023 | fertilizer | financing | Foreign Buyer Ban | gardens | government of ontario | GTA | GTA Real Estate Stats | gutters | home maintenance | Housing Forecast | interest rates | Ipsos | January 2023 | July 2023 | June 2023 | Lakeview, Oshawa Real Estate | lawn | lawn and garden | lawn care | leak prevention | Little Lake, Cramahe Real Estate | lush green lawn | Lynde Creek, Whitby Real Estate | March 2023 | Market Outlook | Market Stats | market update | May 2023 | McLaughlin, Oshawa Real Estate | mortgage | mortgage rates | Newcastle, Clarington Real Estate | Newtonbrook East, Toronto C14 Real Estate | North Kawartha Real Estate | Northglen, Oshawa Real Estate | Northwest Ajax, Ajax Real Estate | ontario | ontario government | oshawa | Oshawa Real Estate | oshawa botanical garden | Oshawa Real Estate | Oshawa, Durham Real Estate | parenting | parks | peony festivael | pick your own strawberries | Pinecrest, Oshawa Real Estate | Port Whitby, Whitby Real Estate | Pringle Creek, Whitby Real Estate | re-open | Real Estate Market | Real Estate Statistics | ribfest | Rolling Acres, Whitby Real Estate | Rouge E10, Toronto E10 Real Estate | Rural Cramahe, Cramahe Real Estate | Rural North Kawartha, North Kawartha Real Estate | sales forecast | Samac, Oshawa Real Estate | school | site seeing | social distancing | South East, Ajax Real Estate | South West, Ajax Real Estate | spring cleaning | strawberries | summer events | summer home maintenance | Toronto | Toronto Regional Real Estate Board | Toronto Vacant Home Tax | TRREB | week killer | Whitby Real Estate | Williamsburg, Whitby Real Estate