COVID-19: Toronto Economic Impact
- COVID-19 containment measures have had significant impact on the Toronto economy
- Federal economic relief programs continue to support unemployed workers, students, senior sand small businesses (CEBA, CERB, CESB, EI)
- Major banks offered 6-month mortgage deferrals to support the housing market
- Commercial mortgage programs (bank deferrals, CMHC Insured Mortgage Purchase Program) offer subsidies to landlords, tenant sand mortgage lenders
- May and June 2020 brought the first signs of economic recovery in Canada with retail stores and patios opening at limited occupancy
- Businesses and schools are targeting reopening in the Fall despite continued concerns