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

Surrey city council moving to virtual meetings

For public hearings, people can register to speak via telephone

‘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

COVID-19: Daily update on the pandemic in Surrey, White Rock, Delta and beyond

APRIL 4: Two people in Delta fined for trying to re-sell N95 masks

33-storey highrise proposal coming to Surrey council, first of three phases

Second and third phases include 36-storey and 31-storey towers

Surrey veteran feels pinch from COVID-19 after cancelled surgery

Caught between two countries, and low income, soldier feels he’s been forgotten

‘Hold our line’: 29 new cases of COVID-19 announced in B.C.

Saturday’s number of new cases marks the lowest in weeks.

Exercises move online with YMCA’s new nationwide virtual workout program

YThrive Home offers dozens of free workout videos for people during COVID-19 self-isolation period

Two inmates found positive for COVID-19 at Mission Institution; two other tests pending

15 staff self-isolating waiting results, says correctional officer

B.C. community service provider hosts friendly art competition for youth

Theme for Pacific Community Resources contest is ‘finding the silver lining in difficult times’

Critic, workers’ group ‘disappointed’ Trudeau chose Amazon to distribute PPE

Amazon Canada said in an email to The Canadian Press that it is working with Canada Post, Purolator

Full World COVID-19 update: National Guard collect ventilators in New York; Spain, Italy improve

Comprehensive coronavirus update with news from around the world.

TransLink to reduce service on some bus routes, SeaBus, West Coast Express

Changes start April 6 ‘due to low ridership and financial pressures’ amid COVID-19

Most Read