Nearly 500,000 requests for mortgage deferrals or skip a payment have already been completed or are in process since Canada's banks announced a mortgage deferral program over two weeks ago, announced the Canadian Bankers Association (CBA) April 3.

The association says that, taken together, the country's six largest banks have deferred more than 10% of the mortgages in their portfolio.

"Canada's banks are standing by Canadians and have stepped up to help our country work through these challenging times," said Neil Parmenter, President and CEO of the CBA. "The COVID-19 pandemic is the most urgent challenge our country has faced in recent memory, and banks will continue to make a positive difference for those who need their help and support."

Citing Canada Mortgage and Housing Corporation data, the CBA says the average monthly mortgage payment of Canadian homeowners is $1,326. “Therefore, the cash flow freed up for Canadians from the deferrals completed to date is roughly $663 million per month, or nearly $2 billion per quarter. This number will increase over the coming weeks,” says the association.

The CBA recommends that those interested in deferrals visit their bank’s website for more information.