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- The Ontario government is temporarily deferring payments for Ontario Student Assistance Program loans and making online learning, including year-end exams, available to post-secondary institutions. A six-month interest-free moratorium on loan repayments until Sept. 30.
- Ontario Extends School and Child Care Closures to Fight Spread of COVID-19. Public Schools to stay closed until May 4. Private schools, licensed child care centres and EarlyON programs will remain closed until April 13. Province announces second phase of Learn at Home to support continuity of learning.
- The provincial government has mandated the shutdown of all outdoor community spaces including dog parks, beaches, playgrounds and community gardens.
- Ontario's rate of testing is less than half of the rate for other provinces in the country. This may mean there are thousands of undiagnosed cases that could be spreading COVID-19, and may result in residents thinking the virus is not as bad as it actually is.
- Toronto announced plans to lease hundreds of hotel rooms for the homeless to combat overcrowding at shelters and ensure social distancing to reduce the spread of COVID-19.
This Act of God is No Out:
Buyer’s remorse from COVID-19 is no excuse to back out of a home purchase. See this very interesting Financial Post article
Income Interruption Before Closing:
In light of the current environment related to COVID-19. Where a lender has been advised that a borrower with a previously approved application is experiencing income disruption due to COVID-19 and the borrower still wants to move ahead with the application, the mortgage insurer may proceed with its previous mortgage loan insurance approval… Note: “each application is treated on a case-by-case basis and that it is up to the lender to decide if the application may move ahead or not.”
Lenders have announced that they will accept “Modified Full Appraisals.” That’s when an exterior inspection of the property will be performed but an interior inspection is not taking place. The appraiser will take photos of the interior from the outside (through windows), where possible. The appraiser may use video chat tools (i.e. Facetime, Skype, Duo, etc.) and ask the homeowner to walkthrough the home. Gather information about the property and characteristics via a phone interview with the homeowner and/or listing agent and provide current interior pictures of the property from the MLS, the homeowner or listing agent.
How to apply for the government's $25-billion CEBA business loan program
Here's everything you need to know about the Canada Emergency Business Account
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