The Financial Post reports in its Saturday edition that the Canadian Bankers Association says Canadian banks have already received nearly 500,000 requests by borrowers to defer or skip mortgage payments in just a little more than two weeks.
The Post's Geoff Zochodne writes that lenders announced last month they would offer some financial relief, such as up to six months of deferred home-loan payments.
Borrowers quickly tried to take the banks up on their offer, flooding their phone lines with thousands of calls seeking assistance or information. The CBA said Canada's six biggest banks have already deferred payments on more than 10 per cent of mortgages in their portfolio.
The CBA said in a press release, "The large number of customers who have been helped continues to grow as a result of concerted efforts by frontline workers, contact centre agents and operations teams working diligently."
The negative economic effects of COVID-19 are becoming clear.
TD boss Bharat Masrani said Thursday that the lender had approved 60,000 requests for deferrals so far, which was "virtually all" of the applications.
Eight Capital analyst Steve Theriault says Canadian banks are in a good spot "to weather the coming storm."
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