Has anyone here gotten a response yet for mortgage deferral?

Unless you no choice is recommended that you don't take it. Because the banks will charge you interest during the deferral period and add that to the principle. Also from what people posted online is not easy to get approve IE if you are a couple both person have to lost their jobs due to CoVID19 in order to get approval, I heard they also check your credit score, reassest your profeile etc etc.

I spoke to my mortgage guy about changing my rate or cancelling my mortgage altogether if we sell. I asked him about the deferral as wel as I figured it would be a shit show.

He said it’s there if people need it. Basically the same system they’ve always had where you could defer a month or two. All the interest gets put on you, so it’s a last case scenario for sure. Interesting thing he told me was, it was mostly very wealthy people inquiring about it. I couldn’t figure out if that was because they are trying to see if they can put it to good use, and the less wealthy haven’t thought that far ahead in their thought process or what?

Cuz wealthy people think they can milk the system to not pay interest for a few months, until you tell them how it really works:heckno:

^maybe the wealthy think they can use their mortgage money and put it into stocks or something else that's ready to rebound from this pandemic........ it's the only thing I can think of

I would think it's probably because high earners take a much bigger hit collecting ei (which is a stipulation for approval of the deferral).
Seeing as how it's capped at $562/week.

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...or the wealthy have everything invested in RE and are expecting no rent from their tenants lol.

One economic help may be to force banks to go 0% interest for 3-4months on credit cards. If not 0%, maybe at least reasonable rate like 5-6%.

From what i understand, rental properties are not eligible for deferral.
It's a pretty tough deal for them. I imagine there will be many renters who can't (or won't) pay their full rent now with the 'no eviction' law.
I don't know how those owners are supposed to pay mortgage on that property collecting only $500 per rental.

You can ask the bank to defer, they say it's on a case by case basis.
My mortgage broker said 1) has to be primary residence, can't be investment properties
2) your account won't be sent to credit to case after you
3) you still gotta pay interest... (DUHHH; again, my friends was hoping to be interest free)

i have yet to see any close relatives / family use it yet but we'll see.

so is China more or less back into full production mode at their factories?

I was reading Japanese auto sector is slowing output due to poor demand...good luck waiting few years for your phev rav4 :alone:

https://www.google.ca/amp/s/globalne...ronavirus/amp/

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BC has it's list of essential services
https://news.gov.bc.ca/releases/2020PSSG0020-000568
I guess I will find out when I get back to the yard if I am still working or not.

They didn’t post the list

It's under the drop down for:

So basically everyone is essential, I wonder if it's easier to list non-essential services

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clarification: even if your business is not on the list and have not been ordered to shut down, as long as you can achieve the 2m rule for your patron/workers you can still continue operating

anyone know how the new social distancing fines for individuals will work? even with members in your household you must maintain 6ft in public? what about your SO who lives under a different roof? strictly from bylaw officers or enforceable by VPD/RCMP as well? max $25K/6mo jail

Adding to this; relating to the recent spam of "Oh i got $1000 being in a car of 3 people with my friend"
hoaxxx.

2m social distancing doesn't really apply to uber + taxi / transportation. it's for public areas / gatherings.

As to people under same roof, that's also BS.
1) In Canada, you don't have to produce a valid ID
2) ID might not be up to date.
3) you can have roommates all under same roof however cops can't proof household. (passport doesn't have address; as well as if you're travelling and living in hotel)

We asked a cop and they said "honestly, we are dealing with a lot of 911 calls (break ins & potential cov19), don't really have time to deal with this citations"

If the dude actually got it... would love to see the ticket. Unless you're being a huge douche bag to the cop, i highly doubt you'll get written up. It's can be as high of 25k for business but doubt anyone has gotten a ticket yet.

pretty sure outdated ID is on you if you've been at the new address for 30+days
if you're walking down the street, bylaw/police are not entitled to your ID? only at road blocks/when pulled over?

How would you enforce the 2m rule doesn't that mean all client facing businesses will close?

Fines for not being 2m away? Where is the reference to this?

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Stocks rally on the news of #1 in cases...