COVID-19 Landlord Support

COVID-19 Landlord Support

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As a consequence of this COVID-19 crisis, many tenant advocate groups, as well as a number of politicians are pushing for a moratorium on evictions for non-payment of rents. Some have suggested that landlords would be fairly compensated for such a freeze by allowing them to defer some of their significant expenses, such as mortgage payments and property taxes.

The use of the word “defer” is very misleading.  What it really means is in the fullness of time, they expect the landlord to pay in full all amounts “deferred”. 

Our solution is to “pause” rent, mortgage, utilities, taxes and service payments during the COVID-19 crisis so all stakeholders equally share the burden.  In our opinion, if properly structured, would be the fairest and most equitable solution to this problem.

The solution we propose would achieve the following:

  • help is delivered immediately, with no need for the creation of complicated bureaucracy, needs testing or the distribution of any money;
  • everyone involved in the provision of residential rental accommodation shares the pain; and
  • tenants don’t get evicted for non-payment of rents.

Here’s a few of the characteristics of how such a pause should be structured until the crisis has ended and commence immediately:

  1. Tenants need not pay any rent, commencing with their rent payment and continuing until the Province declares the crisis has ended
  2. The lenders that hold mortgages on rental property may not require landlords to pay any mortgage payments and, also may not accrue those payments or add compound interest to the deferred payments.
  3. The same pause must apply to property tax payments, City services, electricity and gas.
  4. Insurance companies must pro-rate the yearly cost of providing insurance to landlords, and issue a credit, or reduce their billing by an amount equal to the pro rata cost of insurance during the crisis.
  5. All other providers of services to landlords, (such as waste management companies, elevator maintenance companies, property management companies, city license fees, and all others) must also pause (that means forgive) the pro rata portion of their charges during the crisis.

Thank you for considering our solution by helping all Canadians through this economic crisis.