We know many British Columbians and Canadians are experiencing financial and emotional strain due to the COVID-19 pandemic. Therefore, we wanted to help by sharing the following aid for mortgages, rent, hydro, finances and more (please feel free to forward this information to friends and family).
Homeowners & Landlords
- Mortgage rates have dropped significantly so you may be able to save money by renegotiating your existing mortgage. Also, we’re in touch with two mortgage brokers who offer our clients $500 cash rebate (so you can save extra money).
- Mortgage Deferment Plan
- Consider applying for a HELOC (Home Equity Line of Credit). Once in place, you don't need to use it but it will provide a safety net in case you require.
B.C. Renters & Landlords
- 4-month freeze on annual rent increases. Starting April 1, landlords won’t be allowed to raise rents, and rent increases scheduled for April 1 won’t apply.
- Up to $500 per month for 3 months, paid by BC Housing directly to landlords on behalf of tenants of low to moderate incomes. For more details on the Rental Supplement Program, visit the BC Government website or BC Housing.
- No evictions with only a few exemptions for extreme health or safety concerns, until the COVID-19 crisis has passed.
- Landlords are now very restricted in their ability to enter suites.
- View ALL Rental Details from the BC Government
Other Financial Help During COVID-19
- Groceries - Sharethegoods.ca connects people who can use a little help paying for groceries to people are able to provide support.
- BC Hydro is offering a variety of ways for residential customers and small businesses to save money with the BC Hydro Covid-19 Relief Fund. Qualifying customers may save 3 months of bill payments, defer BC Hydro payments or access grants to help pay their hydro bills
- ICBC customers can defer ICBC payments up to 90 days.
- Car Loans - Some car companies are allowing customers to defer their payments for a few months.
- Canadian Emergency Response Benefit (CERB) - If your job has been affected, you may qualify for $500/week. Applications are being accepted starting April 6, 2020.
- BC Emergency Benefit for Workers - One-time, tax-free, $1,000 supplemental benefit for British Columbians who qualify for the federal CERB benefit.
- CRA Individual tax filing and payment deferment
- Resources for Canadian Businesses
- Provincial Support
- Federal Support
We encourage everyone to stay safe and work within their comfort levels. But if you need to buy or sell real estate now, please let us know so we can discuss your needs and the safety features we've incorporated into our business to keep our clients as safe as possible (including social distancing, virtual showings and other technology-based solutions). As always, we're here to help in any way we can.