NO RECOURSE WHEN TENANTS USE COVID AS EXCUSE NOT TO PAY RENT
Ryan Sills rented out his one-bedroom Etobicoke condo for the first time in December of 2019. He said his tenant was “OK” for the first couple of months — until COVID hit. When the tenant said he didn’t want to pay his $2,050-a-month rent, Sills told him he was happy to defer it until he could pay. The offer was refused. To date, Sills is owed more than $20,000 — despite his belief that his tenant has been collecting CERB. “I kind of got into renting at the worst possible time,” he said this...
read moreFORD GOVERNMENT VOTES AGAINST YEAR-LONG BAN ON RESIDENTIAL EVICTIONS
The Ford government has voted against an NDP bill that would have extended the temporary ban on evictions until one year after the pandemic is declared over by the chief medical officer of health. The province moved to temporarily ban evictions while the stay-at-home order came into effect on Jan. 14. As some regions moved out of the emergency order on Tuesday, and Toronto, Peel and York Regions are expected to move out on Feb. 22, critics argue that thousands of people could potentially be...
read moreOVER 100,000 CANADIAN RENTERS AT HIGH RISK OF DEFAULT: IS A HOUSING CORRECTION COMING?
The data released by the Canada Mortgage and Housing Corporation (CMHC) regarding rent in arrears at purpose-built rentals in 2020 doesn’t look good. In October 2020, 125,200 Canadians were behind on rent. The figure represents nearly 6.11% of private rental stock, while the total past-due rent is around $156.79 million. This new development might impact the Canadian real estate market, which has defied gravity, despite the national lockdowns and the global pandemic. Will growth return to more...
read moreIAIN RANKIN WILL BE NEXT PREMIER OF NOVA SCOTIA
Iain Rankin will be the next premier of Nova Scotia. Rankin was elected following a vote by Nova Scotia Liberal Party delegates, with the results announced Saturday night during a virtual convention. He defeated fellow former cabinet ministers Randy Delorey and Labi Kousoulis. Delorey was dropped following the first ballot after earning the fewest points. About 97 per cent of the 8,100 delegates cast a ranked ballot. “It’s a monumental task and I’m up for it,” Rankin...
read more905 OVERTAKES 416 FOR GTA NEW CONDO SALES IN 2020
New condominium apartment sales in the GTA declined 28% in 2020 to 18,247 units, the lowest annual total since 2013 and 15% below the 10-year average (21,421). Sales remained in line with new launches of 18,004 units last year, down from 25,296 launches in 2019. The 4,642 new condominium units sold in Q4-2020 was down 43% year-over-year and 22% below the 10-year Q4 average (5,960). However, a record third quarter brought total units sold during the second half of the year to 11,031 units,...
read moreA NEW STUDY REVEALS THAT THE NUMBER OF VACANT MONTREAL APARTMENTS HAS ‘EXPLODED’
A new study conducted by the Quebec Landlords Corporation (CORPIQ) reveals that Montreal’s apartment rental vacancy rate “exploded” during the pandemic. According to the CORPIQ, a high vacancy rate ought to be good news for renters looking for a new place to live. Landlords, however, might experience some difficulties re-renting their apartments during the pandemic, the Corporation says. “The pandemic and the economic crisis it is causing are particularly affecting the...
read moreINTERRENT ANNOUNCES $292.5 MILLION PORTFOLIO ACQUISITION IN METRO VANCOUVER WITH CRESTPOINT
InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent” or the “REIT”) announced today that, together with Crestpoint Real Estate Investments Ltd. (“Crestpoint”), it has entered into agreements to acquire 15 properties in Metro Vancouver (the “Acquisition Portfolio”) for a combined purchase price of $292.5 million. Under the arrangements, InterRent and Crestpoint will each own a 50% interest in the Acquisition Portfolio. InterRent will property manage the Acquisition Portfolio and...
read moreGOVERNMENT TOLD: GET A GRIP ON COVID-19 RENT CRISIS
An extraordinary coalition of landlords, housing groups and debt charities have told the government to “get a grip” on the debt “crisis” facing the private rental sector. The National Residential Landlords Association (NRLA), The Big Issue and Ride Out Recession Alliance, housing charity Shelter, ARLA Propertymark, Nationwide Building Society, and debt charity StepChange issued a rare joint statement on Thursday. The groups said the UK government had overlooked the rental sector, which was...
read moreCANADA 2021 HOUSING FORECASTS CALL FOR A BOOM… OR THE WORST CRASH IN 40 YEARS
This could be the toughest year in living memory to make predictions about the economy ― especially the housing market. Amid the worst economic slowdown in decades, home sales and prices soared in many Canadian cities in 2020, along with housing markets in many other countries. The average house price in Canada has shot up by 13.8 per cent over the past year, and by 14.6 per cent in the U.S. No wonder this year’s batch of year-end forecasts for Canada’s housing market are all over the...
read moreCOVID-19: ONTARIO PROVINCEWIDE SHUTDOWN
Learn about the time-limited restrictions and public health and workplace safety measures during the provincewide shutdown. The provincewide shutdown is in effect as of Saturday, December 26, 2020 at 12:01 a.m. Download PDF The information contained in this document is intended to communicate a summary of information about measures proposed to come into effect in Ontario or in areas of Ontario at 12:01 a.m. on Saturday, December 26. The material is not legal advice and does not purport to be...
read more