I said many times, Deferral on the massive basis we have been experiencing had to end
This was a coordinated, organized program that was designed to instantly create calm and stabilize the system
And it worked perfectly, better than expected
2/
Banks and other lenders quickly moved from phone calls and reviewing applications to a Portal that just approved deferral
3/
Primary residence and up to 4 rentals
Essentially no questions asked
Some had no income loss and most could easily have continued payments, they were worried or just didn't understand interest compounding
It seemed bad: 20% of all mortgages
4/
A version of normal is returning but sectoral unemployment is brutal
Although wide open deferral ends, something else begins
For those who simply cannot pay their mortgages: there are options
5/
For conventional mortgages: refinance, or extending amortization to reduce payments are real possibilities
Or worse case option: sell the house
6/
But not in all regions and that's really a Canadian tragedy
And the option to sell may be less attractive if currently hot markets cool off next year
My best advice to those worried: ACT QUICKLY
Explore all options QUICKLY
7/
If you must sell act immediately, if losses look inevitable list anyway and consult an Insolvency professional
It may feel natural to hunker down and hope for a miracle, don't do that: ACT