LETHBRIDGE -- As the last bits of summer approach, so do the final days of the Canadian Emergency Response Benefit and mortgage deferral program.

The break by the federal government has helped keep many Canadians on their feet through the challenging times of the pandemic.

“Obviously that’s allowed them to bridge this uncertainty, loss of job and so on," said Randy Kobbert, a license and solvency trustee. "Allowed them to save a little bit”

The program has been running for the past six months and more than 766,000 Canadians have used it to defer or skip mortgage payments, totalling 16 cent of all mortgages in the country.

“The kind of fear out there is that what we’re seeing is certainly very real to what’s going to happen when those mortgage deferrals run out,” said Kobbert

According to the Office of the Superintendent of Bankruptcy Canada, Lethbridge has seen a 12 per cent decline in bankruptcies in 2020 compared to the same time period last year. Southern Alberta has seen a 15 per cent drop while the province overall has seen a 20 per cent decrease.

There were 50 per cent fewer bankruptcies and filing proposals in June of 2020 compared to June of 2019.

“There will be simply situations that aren’t fixable short term,” said Kobbert.

However, he does have advice for those nervous about the potentially challenging times ahead.

“Take stock of your situation, get an idea of where you’re at. Where has your spending been in the last six months,” he said. “What would you consider to be unnecessary expense and what’s discretionary.”

He also recommends moving outside your comfort zone for employment and taking re-training if needed. He wants people to know they should also be talking to their bankers or seeking advice from licenses and solvency trustees if they’re in trouble.

“If your mortgage payments started again, is there enough to pay it?” said Kobbert.

For those considering selling their homes, he directs them to a realtor for advice.

“One of the best pieces of advice that we give is simply to reach out to a mortgage broker that you trust," said Courtney Atkinson, owner of Atkinson Team at eXp Realty Lethbridge.

"Reach out to a realtor that you trust. Get that assessment of property value. Get a sense for how long it might take to sell your property."

The real estate market has been hot as of late so potential sellers should be aware of what they are getting into.

“We anticipate there being an increase in those listings and a corresponding decrease in values on the market,” said Atkinson.

Canadian Mortgage and Housing Corporation data shows the average monthly mortgage payment of Canadian homeowners is $1,326 dollars. If you currently are on the Canadian emergency response benefit or CERB when the program wraps up at the end of the month you will be transitioned to federal employment insurance.