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

PHOTOS: Kids, parents cool off at Langford splash park

Centennial Park is home to a popular water feature

Saanich landfill gets used oil and antifreeze dropoff centre upgrades

BC Used Oil Management Association oversees upgrades, two new facilities in province

Saanich woman completes 10 marathons, raises double her initial goal amount

Over $20,000 raised for Victoria Hospitals Foundation

Colwood man to ride 400 kilometres to fight kids cancer

Man riding for a beloved family member who died from leukemia at 13-years-old

UPDATED: Missing 25-year-old Saanich woman found Saturday

Yuhan Jin thought to be travelling by foot or bus, carrying two suitcases

VIDEO: Otter pups learn to swim at B.C. wildlife rescue facility

Watch Critter Care’s Nathan Wagstaffe help seven young otters go for their first dip

Alleged impaired driver sparks small wildfire near Lytton after crash: B.C. RCMP

Good Samaritans prevented the blaze from getting out of control

Travel restrictions inspiring co-operation in border communities

Small border towns are asking for exemption to travel ban

B.C. First Nation adopts ‘digital twinning’ software to better manage territory

Software allows users to visualize what a mountain might look like if the trees on its slopes were logged

Woman arrested near Nanaimo beach after alleged road rage incidents

37-year-old woman facing charges including assault, assaulting a police officer, impaired driving

All inquiry recommendations implemented after fatal Port Hardy RCMP shooting: Ministry

The Independent Investigations Office of B.C. cleared the RCMP officers involved of wrongdoing

Leave your deets when dining: Restaurants taking personal info to trace COVID-19

Health officials say indoor dining presents a higher risk

Raptors kneel for both American and Canadian anthems ahead of tipoff

Majority of players have substituted their names on the backs of their jerseys with racial and social justice messages

Most Read