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Finance

BANK OF CANADA CUTS KEY INTEREST RATE TARGET WHILE LIBS UP WAGE SUBSIDY

Posted in Coronavirus, Finance, Industry Trends, Media Releases, Newsworthy

BANK OF CANADA CUTS KEY INTEREST RATE TARGET WHILE LIBS UP WAGE SUBSIDY

Canada’s central bank made yet another unscheduled rate cut Friday to bring its key interest target down to a crisis-level low, and the federal government upped its financial lifeline to businesses in a two-pronged effort to further combat the economic shock from COVID-19. It was the double shock from the novel coronavirus and a sharp drop in oil prices that spurred the Bank of Canada’s surprise announcement — its second unscheduled cut this month and third overall this month — to lower its...

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DOUG FORD ANNOUNCES HYDRO RATE RELIEF

Posted in Bylaws / Regulations, Coronavirus, Finance, Industry Trends, Legislation, Media Releases, Newsworthy

DOUG FORD ANNOUNCES HYDRO RATE RELIEF

Ontario is temporarily slashing hydro rates for families, farmers and small businesses amid the COVID-19 crisis. Premier Doug Ford, alongside Energy Minister Greg Rickford, announced Tuesday that the province will lower rates for at least six weeks to offset higher consumption as more people work from home or remain in self-isolation. “We know this is a challenging time for all Ontarians who are doing the right thing by staying home. We realize this means people are using more electricity...

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TORONTO ANNOUNCES MEASURES TO HELP LOW-INCOME RENTERS

Posted in Affordable Housing, Bylaws / Regulations, Coronavirus, Finance, Housing, Legislation, Newsworthy

TORONTO ANNOUNCES MEASURES TO HELP LOW-INCOME RENTERS

Low-income renters in the city’s public housing system may soon catch a break. On Tuesday, Toronto mayor John Tory announced plans by the Toronto Community Housing Corp. (TCHC) to work with renters to ensure they’ll be able to keep their homes during the coronavirus outbreak. “These are extraordinary times and we know there are some people who need extraordinary help,” said Tory in a statement. “Toronto Community Housing is showing leadership and working with tenants who have suddenly lost...

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SUPPORTING RENTERS, LANDLORDS DURING COVID-19

Posted in Affordable Housing, Bylaws / Regulations, Coronavirus, Finance, Housing, Industry Trends, Legislation, Media Releases

SUPPORTING RENTERS, LANDLORDS DURING COVID-19

To support people and prevent the spread of COVID-19, the Province is introducing a new temporary rental supplement, halting evictions and freezing rents, among other actions. The new rental supplement will help households by offering up to $500 a month towards their rent, building on federal and provincial financial supports already announced for British Columbians facing financial hardship. “With lost jobs and lost wages due to COVID-19, many tenants are worried they can’t make the rent....

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COVID-19 “CERB” PROGRAM MAY RESOLVE “RENT REPAYMENT” ISSUES

Posted in Bylaws / Regulations, Coronavirus, Finance, Industry Trends, Legislation, Media Releases, Newsworthy

COVID-19 “CERB” PROGRAM MAY RESOLVE “RENT REPAYMENT” ISSUES

Yesterday, the federal government introduced the Canada Emergency Response Benefit (CERB) which is intended to quickly direct income support payments to Canadians whose income has been lost or severely reduced because of COVID-19. The government claims that Canadians who qualify for the program can now expect payments of up to $2000.00 within weeks and the payments should continue for four months. This means that many of the rent defaults landlords may experience on their April rent rolls...

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RENT FREEZES, EVICTION DEFERRALS NEEDED AMID CORONAVIRUS FALLOUT: EXPERTS

Posted in Bylaws / Regulations, Coronavirus, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy

RENT FREEZES, EVICTION DEFERRALS NEEDED AMID CORONAVIRUS FALLOUT: EXPERTS

Nearly half of Canadian renters live paycheque to paycheque — and the novel coronavirus pandemic is bound to strain their finances more, according to a report released by the Canadian Centre for Policy Alternatives on Monday. Nearly 3.4 million Canadian households that rent earn income via employment or self-employment, according to Statistics Canada data from 2016. The CCPA report found that 46 per cent — or 1.6 million households — of those Canadians have savings to last them one month or...

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CANADA’S COVID-19 ECONOMIC RESPONSE – WHAT’S IN IT FOR LANDLORDS?

Posted in Bylaws / Regulations, Coronavirus, Finance, Health & Safety

CANADA’S COVID-19 ECONOMIC RESPONSE – WHAT’S IN IT FOR LANDLORDS?

The Government of Canada is taking action to help Canadians facing hardship as a result of the COVID-19 outbreak. Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses. Along with other action, the Government is taking these steps which are relevant to many tenants and the rental housing providers who provide their homes. Temporary Income Support for Workers and Parents directly affected Waiving the one-week waiting period...

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CANADA’S COVID-19 ECONOMIC RESPONSE PLAN: SUPPORT FOR CANADIANS AND BUSINESSES

Posted in Bylaws / Regulations, Coronavirus, Finance, Health & Safety, Media Releases, Newsworthy

CANADA’S COVID-19 ECONOMIC RESPONSE PLAN: SUPPORT FOR CANADIANS AND BUSINESSES

The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses. Support for Canadians...

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RENTAL HOUSING HIT BY RISING INSURANCE COSTS

Posted in Finance, Industry Trends, Insurance

RENTAL HOUSING HIT BY RISING INSURANCE COSTS

B.C. landlords large and small are struggling with big hikes in their insurance premiums, which they say will, in turn, put pressure on renters. There are no reports yet of apartment buildings being hit with insurance rate hikes as extreme as the biggest hitting the strata sector — where some B.C. condo buildings have reported 400 per cent hikes in premiums. But landlords are reporting an average increase around 30 per cent this year. Combined with the B.C. NDP government’s move in 2018 to...

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OTTAWA STEPS UP TO PROP UP ECONOMY AS CANADA STRUGGLES WITH CORONAVIRUS CRISIS

Posted in Coronavirus, Finance, Industry Trends

OTTAWA STEPS UP TO PROP UP ECONOMY AS CANADA STRUGGLES WITH CORONAVIRUS CRISIS

The federal government is adding $10-billion to the credit it makes available to businesses, and the Bank of Canada has announced an emergency rate cut to buttress the economy as it struggles with the coronavirus crisis and plunging oil prices. Bank of Canada Governor Stephen Poloz joined Finance Minister Bill Morneau and Superintendent of Financial Institutions Jeremy Rudin at a news conference on Friday to announce the second steps in Ottawa’s response to the economic fallout from COVID-19....

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