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

UPDATE: Abbotsford shooting victim was alleged ‘crime boss,’ according to court documents

Jazzy Sran, 43, was believed to have been smuggling cocaine across the border

VIDEO: Former Abbotsford resident giving away $1,000

Langley native Alex Johnson creates elaborate treasure hunt to give away cash

Missing Richmond man last seen in Chilliwack

Shawn Johnson last seen on June 30 on Main Street

Abbotsford man wins $1 million in Lotto 6/49 draw

Kenneth Giffen wins prize after deciding to stop in Agassiz gas station after fishing trip

Double homicide investigation leads Vancouver police to Eagle Landing

A VPD forensics unit was in Chilliwack Saturday collecting evidence connected to East Van murders

Wage subsidy will be extended until December amid post-COVID reopening: Trudeau

Trudeau said the extension will ‘give greater certainty and support to businesses’

COVID-19 exposure on Vancouver flight

The Air Canada 8421 flight travelled from Kelowna to Vancouver on July 6

Double homicide investigation leads Vancouver police to Chilliwack

A VPD forensics unit was in Chilliwack Saturday collecting evidence connected to East Van murders

Tree planters get help with COVID-19 protective measures

Ottawa funds extra transportation, sanitizing for crews

Trudeau apologizes for not recusing himself from WE decision

He says his and his family’s longtime involvement with the WE organization should have kept him out of the discussions

Beverly Hills 90210 star’s family selling Vancouver Island Beach Resort

You can own Jason Priestley’s Terrace Beach Resort in Ucluelet for less than $5 million

Islanders want BC Ferries to follow order that lets residents board before tourists

For ferry-dependent communities, ferries are often the sole practical lifeline to work, school or medical appointments.

Washington’s NFL team drops ‘Redskins’ name after 87 years

The franchise was given the name back in 1933, when it was still in Boston

Most Read