There is currently a lot of misinformation and confusion about deferring mortgage payments. Here are the facts as they stand today:

• A mortgage deferral does not mean an interest-free holiday

• There are currently no provincial or federal programs specifically allocated to helping small landlords cover their expenses or provide mortgage help

• You may be able to defer your mortgage payments but this is being dealt with on a case-by-case basis so reach out to your lender

• Many people were initially declined because the property is not their principal residence - this is changing all the time - check with your lender

• Your mortgage may already allow you to defer mortgage payments for a few months so check with your lender

• If you are successful are deferring your payments, all amounts are still owing and interest is still accruing on the full balance and your amortization period will be extended

• There is a chance deferring the mortgage payments will appear on your credit rating

A mortgage deferral is not mortgage forgiveness, it is simply the ability to skip your mortgage payments for a period of time while the interest is still accruing to provide liquidity to make it through the heart of the crisis. The idea of "rent holidays" currently being portrayed is not helpful to anyone and is setting unrealistic expectations to tenants and panicking landlords. If you have savings and can afford to cover the mortgage payments, keep paying the mortgage as usual to avoid issues later on, while openly communicating and cooperating with your tenants. This is not a time that anyone should be taking advantage of each other so let's all work together to get through this.

The Bank of Canada just cut interest rates to 0.25%, so expect mortgage rates to go down further; it might be a good time to refinancing your mortgage.

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